Given that some people seem to be more prone to investment scams than ever before there is a reluctance to report the perpetrators. As a general rule this is people's hard earned life savings, money they will never see again.
More needs to be done to make the public aware of who to report to but more needs to be tackled at the root cause.
The work by my friend Darren Cooke of Red Circle Financial Planning to bring a Petition to Parliament to ban the cold calling around pension and investments should help raise further awareness but more needs to be done.
Research conducted by Yougov on behalf of the FCA consulted more than 1,000 over 55-year-olds with household incomes of at least £30,000, a group the FCA said received a higher number of unsolicited approaches from fraudsters.
Of those surveyed and who thought they had been approached by scammers, 22% said they had not reported it, with the most common reason given that they did not know who to report it to.
The FCA said last year it received over 8,000 reports of potential scams.
A warning list is published on the FCA website identifying firms that operate without authorisation. There are currently 4,000 firms on the list the FCA advises should be avoided. That is a staggering amount.
It's always a good idea to see if anyone offering financial advice is listed on the FCA Register https://register.fca.org.uk
"By reporting suspicious investment schemes to the FCA people are having a direct impact in helping to stop fraudsters exploiting others," said Mark Steward, director of enforcement at the FCA.