PFS in talks with MoD over pro-bono service

twitter-iconfacebook-iconlinkedin-iconmail-iconprint-icon
Search supported by
PFS in talks with MoD over pro-bono service

The Personal Finance Society is in talks with the Ministry of Defence over extending its pro-bono advice service for members of the armed forces, Keith Richards has said.

The chief executive of the PFS made the announcement as he addressed the body’s Festival of Financial Planning event in Birmingham yesterday (7 November).

The scheme, called Forces Moneyplan, was launched last year in conjunction with the On Course Foundation, a charity which helps disabled veterans with jobs in the golf industry.

Since then more than 300 financial advisers have signed up to the service and it has sparked interest from other organisations.

Mr Richards said: “What was a surprise after launching the programme was that apparently there are 2,000 different organisations and charities that support veterans and just as importantly military families but very few of provide any form of guidance so there is definitely scope for our programme to be extended.

“At the moment we are in discussions with a couple about extending the programme and we are also talking to the Ministry of Defence about a more comprehensive programme that helps existing military.”

Mr Richards said the PFS also sees the scheme as a way of getting new blood into the industry, potentially encouraging retiring military personnel to enter the financial advice profession through an apprenticeship programme.

Another announcement Mr Richards made was that the PFS had secured a mutual recognition agreement with the European Financial Planning Association.

It means the PFS qualifications framework has been officially aligned with that of EPFA and will mean two thirds of its membership will be able to use the additional European qualification designation EFA or EFP.

Mr Richards said: “EFPA is one of the largest and most respected professional licensing, standard setting and certification bodies for financial planners and financial advisors in Europe and was the first European financial standards association created for the purpose of increasing professionalism in the European financial services sector.

“This positive collaboration gives UK advisers greater certainty in advance of Brexit, in the knowledge that the Personal Finance Society qualifications framework is now recognised via the EFA and EFP European financial planning standards, which are accredited by certain European regulators.

“The new link will ensure that consumers who wish to access advice from UK advisers, or maintain existing relationships in a post-Brexit environment, will in future be able to do so as part of an all-embracing quality standard all over Europe.”

damian.fantato@ft.com