Monday, May 30, 2016
Financial scams. The FCA takes the first steps to help consumers
I guess we all know the problems of financial scams. The e-mails, cold telephone calls and direct mail that all promise deals that we know are too good to be true.
Older people are the ones with the majority of the UK's wealth hence it is no surprise that they are the primary targets for scammers.
The Financial Conduct Authority (FCA) is the UK's financial regulatory body that operates independently of the UK government, and is financed by charging fees to members of the financial services industry.
This organisation has just launched a service called ScamSmart to provide consumers with a list of companies they should avoid. Launching the service is the easy bit, the problem will come in keeping up to date.
It is very much in the Financial Services best interest to provide a safe environment where old people has certainty about financial advice. I will keep an eye on the service to see how it evolves. Dick Stroud