"We believe that this initiative offers a practical solution to bridging the current advice gap and getting consumers who need advice in front of a qualified professional."
The Society has today written to the relevant Ministers including the Economic Secretary to the Treasury and the Secretary of State for Work & Pensions, highlighting the public interest proposal and calling for the Government to work with the Society to take the initiative forward.
Discussing how the scheme would run, the PFS says that many financial advisers already offer a no obligation introductory session to their clients, and hundreds more currently volunteer their time and expertise to deliver free guidance sessions through the Society’s MoneyPlan initiative, run in collaboration with Citizens Advice.
Under the Society's plans, the new guidance body could play a leading role in branding, facilitating and overseeing the initiative, in cooperation with government departments including the Department for Work & Pensions.
It added that participating advisers could deduct a proportion of the cost of each session from their next FCA levy, based on a rate per redeemed voucher submitted.
Personal Finance Society chief executive, Keith Richards, said: “The need for consumers to have access to financial advice is greater than ever, and we believe that this initiative offers a practical solution to bridging the current advice gap and getting consumers who need advice in front of a qualified professional.
“A Government voucher scheme would give many who have never thought of professional advice a first-hand experience of its value and would demonstrate a real commitment by the new guidance body to collaborate with the personal finance profession to achieve workable outcomes in the public interest.
“Many advisers are already delivering introductory financial advice sessions to consumers at their own expense and a voucher to cover the cost of a qualified guidance session would increase access and protect the interests of more consumers against poor planning and scams.
“Our experience, and specifically our MoneyPlan initiative, has shown that professional financial advisers are eager to offer their services to consumers in need of financial advice.”
