View more on these topics

IFAs in pilot scheme to give advice via bureaux

The Citizens&#39 Advice Bureau service is teaming up with IFAs to give generic financial advice to consumers.

IFAs will work in collaboration with nine bureaux to provide clients with independent and impartial advice.

The CAB says, despite the fact that individuals on lower and middle incomes are often most in need of good financial advice, many are reluctant to use advisers because of their inability to afford financial products and a lack of trust.

It is aiming to fill this gap through the link with IFAs.

The £90,000 scheme is funded by Barclays Bank, Sofa and the Tudor Trust. It follows a survey carried out by BMRB Social Research, commissioned by the FSA and CAB.

The survey found that eight out of 10 CAB advisers are asked about financial issues at least fortnightly, with debt and benefits topping the list of enquiries, followed by banking, borrowing and savings.

During a six-month pilot project, IFAs will attend three bureaux on an appointment basis. Another three bureaux will be able to refer consumers to IFAs for external appointments. In the third group, specialist CAB money advisers at three bureaux will provide advice to clients with support from IFAs.

The IFAs will provide pro bono services and clients will not being charged for the sessions. Advice will not be given on individual products.

The CAB will evaluate the project to decide about the future role of bureaux in providing or facilitating the provision of financial advice.

CAB chief executive David Harker says: “This project aims to identify ways to ensure that consumers are better informed and advised on financial issues so they can both find solutions to their problems and better make the financial choices that are best for them and their families.”

Recommended

A consumer&#39s view

There are times when it pays to beat your breast, repeat mea culpa at least three times, and say sorry. Paul Smee, director general of the Association of Independent Financial Advisers, would have done well to remind himself of this before he faced the pitbull terriers who sit on the Treasury select committee, which is […]

Simon Tyler to launch mass market mortgage intermediary

Chase de Vere Mortgage Management owner and managing director Simon Tyler has announced plans to launch a new mass market mortgage intermediary business. He believes there is a significant new customer base emerging of mid-market borrowers across the UK who value the service of an intermediary but want a simpler service with rapid execution. The […]

&#39Sipp step towards buy-to-let regulation&#39

Charcol senior technical director Ray Boulger says the Government&#39s decision to allow buy-to-let mortgages to sit in a Sipp could be the first step towards the product being fully regulated. Boulger told Money Marketing this week that he believes the FSA has made it clear it thinks BTL should be regulated and he thinks allowing […]

Aitchison & Colegrave confident about future growth

Aitchison & Colegrave director Brian Aitchison says he is confident about future growth of the IFA even with the news that it is to be sold by B&B. Aitchison says he did not expect this course of action from B&B but can understand the reasons for the change in group strategy. He says: “I want […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com