The Personal Finance Society is set to offer financial advice on a pro bono basis at over 100 Citizens Advice Bureaux across the country.
Money Marketing understands discussions about delivery of the project are in the final stages, with a formal roll-out set to take place later this year.
Branded ‘Moneyplan’, funding for the project is still in the process of being signed off but is expected to come from a private-sector sponsor.
The funding package will include professional indemnity cover for advisers that volunteer as part of the scheme.
PFS chief executive Keith Richards says the plans were being discussed prior to the Government’s Budget commitment to a guidance guarantee for all retirees from April 2015.
The project was first piloted between 2007 and 2009. It ran across 30 CAB offices with over 1,100 consumers receiving advice and a further 2,400 getting generic financial information.
A report on the pilot in 2009 says 72 per cent of people using Moneyplan were aged over 50 and a third were over 65. Almost two-thirds of enquiries related to advice on mortgages or pensions.
Richards says: “This is an important part of our campaign to build trust and awareness of the value of professional advice among consumers and consumer organisations and puts professional advice at the forefront of delivering valuable local community services.
“In the context of the recent Budget pension changes and the Government’s commitment to a guidance guarantee Moneyplan is an existing, proven and valued model.
“We were working with Citizens Advice on plans to enhance access and availability across the UK, long before the Chancellor’s Budget announcement, and this forms part of our wider public interest initiatives.”
Citizens Advice said it could not comment further until funding for the project had been finalised.