Personal Finance Society  

PFS estimates 7% of members furloughed

PFS estimates 7% of members furloughed
 Keith Richards, chief executive of the PFS

The Personal Finance Society has estimated 7 per cent of its members were furloughed at the end of April, equivalent to about 2,800 individuals across the UK.

In an update published today (May 18) the professional body revealed 12 per cent of its members faced struggling to carry out their roles from home as a result of the coronavirus lockdown. 

The figures followed a Twitter poll of 78 PFS members in which the vast majority, 73 per cent, agreed they were coping with working from home. 

Keith Richards, chief executive of the PFS, said financial advisers were clearly following government and regulatory guidance to slow the spread of the coronavirus while still "carrying out vital work on behalf of their clients". 

The PFS boss said: "The Personal Finance Society will continue to work with government and the Financial Conduct Authority to ensure the latest guidance on how to protect and continue to serve clients is shared with our members.

"We will also continue to support members who have been financially impacted by Covid-19 and want to make sure the profession is equipped with the skills and knowledge they need to be best able to assist consumers in the months and years to come." 

At the end of last month the Chartered Insurance Institute began offering a discount on digital learning materials to furloughed and struggling advisers, with the professional body today confirming 25 members had been in contact within the first 48 hours of the hardship fund being announced. 

In March regulator warned financial advisers should not work from an office or meet clients face-to-face during the coronavirus lockdown, instead expecting clients to be contacted online or over the phone - with few exceptions. 

The watchdog said employers should be taking "every possible step to facilitate their employees working from home", including providing IT equipment.

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