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Personal Finance Society launches armed forces initiative

Personal Finance Society launches armed forces initiative

The Personal Finance Society will launch its scheme to provide former members of the armed forces with pro-bono advice next month.

The scheme will be called Forces MoneyPlan and 80 advisers have already signed up.

Keith Richards, chief executive of the Personal Finance Society, first announced the scheme at last year’s symposium in London.

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He said members of the armed forces who were left with disabilities often had six figure sums they were unsure what to do with.

The initiative is being introduced with the help of the On Course Foundation, a charity which helps disabled veterans with jobs in the golf industry.

Together with Citizens Advice, the Personal Finance Society already operates a pro-bono financial advice scheme called MoneyPlan.

Initially rolled out to 50 local Citizens Advice bureaux in 2014, the service was expanded to more than 100 branches in the network across England and Wales.

So many advisers had registered interest in the programme that the service was expanded even further last year.

Kusal  Ariyawansa, principal at Manchester-based Appleton Gerrard, said: This is a great message from the Personal Finance Society, allowing the Armed Forces to access high quality professional financial advice, from an authorised and regulated person, adhering to the strict code of ethics. 

"It is a win-win both for the adviser and the recipient, as many advisers whom I know already giving their time for Citizens Advice, express their delight at making a difference for others in need, under no financial pressure. This also aides our cause in building trust in our profession. Helping those who sacrificed their lifestyles for our protection is a highly worthy cause."