News this week that the FCA has launched a campaign to protect the over-55s from financial fraud will probably have been ignored by most Financial Planners and Paraplanners. At the very best it will have received token interest. That’s a shame and that needs to change. Financial fraud is everyone’s problem and planners have a role to play in tackling it.

All the indications are that financial fraud, whether it be pension or investment scams, unregulated investments, unauthorised firms or the simply criminal targeting older investors, is set to grow strongly.

Financial Planners’ clients are a good deal savvier than most but no client is immune from a targeted attack by sophisticated scammers.

The FCA, which commissioned a survey of over 2,000 individuals in March this year, says its study found increasing risk of retirees being scammed via investment fraud. Low interest rates are being cited as a key driver as investors seek higher returns and are willing to take more risks. The FCA says that over 65s with savings in excess of £10,000 are three and a half times as likely to fall victim to investment fraud as those not in this category. More than a quarter of over 55s falling victim to investment fraud are scammed via an unauthorised firm. To try to tackle this the FCA has enlisted the support of TV presenter Nick Hewer to support the FCA’s ScamSmart campaign.

This is a step forward but action is needed and not just a PR campaign. The FCA should set up a ‘999-style’ financial fraud hotline number for consumers to talk to at any time. Financial Planners can do much more too. Every scam damages the good reputation of reputable and professional financial advisers. They need to be more visible in warning of the dangers in their own communities.

Tackling financial fraud is not just a sensible thing to do for advisers, it also makes business sense too. A client who has just been scammed is less likely to have money to invest and also likely to be wary of trusting any type of adviser again.

The FCA says retirees are particularly at risk. Many will have come from the ‘trusting’ generation, trusting of authority and more vulnerable to con artists.

A report from the ONS revealed this week that the number of over-75s using the internet was less than 40%. These could be particularly prone to fraudsters using the phone to target them. Who would they turn to for help and how would they check the firms approaching them are genuine if they can’t use the internet and there’s no-one to talk to?

Last year the FCA says it received 8,507 reports about potential unauthorised activity and it published warnings about 147 unauthorised firms targeting UK consumers and appointed investigators in 23 cases. I suspect that’s the tip of the iceberg.

So we’ve identified the problem now we need some action, not just another campaign, and some meaningful help for the over-55s. Without this the risk of family members being conned out of their life savings or their pension will rise inexorably over the next few years and that will do Financial Planners and the financial sector, and society as a whole, no favours at all.

• This is the first of a regular monthly column I’ll be writing for Financial Planning Today, our new daily news site for all Financial Planners, Paraplanners and Wealth Managers. We’re also adding a roster of new and stimulating columnist to discuss and analyse the news and developments in the sector. Check out their columns in our Opinion section. I’m always interested in your comments and your suggestions so feel free to email me at the address below.

Kevin O’Donnell is editor of Financial Planning Today and a financial journalist with over 20 years experience

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— Kevin O'Donnell (@FPT_Kevin) May 25, 2016

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