Pensions  

CAB seeks ‘money adviser’ in north Liverpool

The Citizens Advice Bureau in north Liverpool is seeking applicants for a job as a “money adviser”.

Advertising in the North West Times, the CAB said the position would entail giving guidance to “less financially confident consumers”.

In addition to experience working in an advisory role in the sector, applicants must also have strong technical knowledge around benefits, tax, borrowing, insurance, pensions, savings and investments.

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A spokesman for CAB did not know whether the role required QCF level four.

The salary for the CAB role is £20,000, far less than the median salary of a QCF level four adviser in the UK which, according to salary data analysts PayScale, is £30,281 a year.

This comes as the government announced that CAB and The Pensions Advisory Service will be the two organisations providing the promised guidance guarantee, set to take effect form April 2015.

CAB will provide face-to-face guidance, and telephone guidance will be provided by The Pensions Advisory Service.

However, the spokesman for the Citizens Advice Bureau said the role was not related to the guidance guarantee and was generic money advice.

He said: “We have been giving generic money advice for 75 years, and we have both volunteers and hired staff that advise on general money-related issues.”

Chris Hannant, director general of the Association of Professional Financial Advisers, said any advice given, even generic guidance, should comply with the FCA.

He said: “They need to be authorised. If not, they need to be on the right side of the regulatory line and comply with FCA requirements. If it’s general financial advice, they need to make sure they do not step into regulatory activity, and is for the FCA to police.”

Adviser View

Jeremy Phelps, financial planner at Carmarthenshire-based Financial Solutions, said: “This advert suggests that the person needs to have generic all-round experience, and not just retirement qualifications, and possibly more knowledge than a retirement adviser. This could step on the toes of advisers, but my belief is that it will be people who are used to going to the CAB who will use this service.”