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PFS handbook for CAB volunteers

The Personal Finance Society is to publish a handbook for IFAs looking to team up with the Citizen’s Advice Bureaux and offer pro bono financial advice.

The PFS and the CAB are working on a national rollout of their money planners sch-me, where PFS members can volunteer to offer advice at the CAB. Test initiatives have been running across the UK for five years. Results reveal 64 per cent of those who saw a money planner took further action and 84 per cent said it had improved their situation.

The PFS says there are 28 volunteers in 29 bureaux. Advisers willing to offer their time are being placed on a list. IFAs will be required to take an elementary test and an interview as well as sign a PFS commitment.

PFS chief executive Fay Goddard says: “I am amazed by the response, bearing in mind that life is pretty challenging for advisers today. Many of our members want to give something back.”

PFS board member and CAB director of policy Teresa Perchard says: “Many of the clients seen by this project have complicated enquiries about their mortgages, pensions or questions about equity release. There is nowhere impartial for many people to turn at the moment.”


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  1. Why should IFA,s take another test(simple or otherwise) when most are qualified in some way or another and are probably taking level 4 anyway. There must also be a confiliction of interest here whenthe PFS are paid subscriptions for them to represent IFA industry not another organisation. Whilst they may not be in situe in a CAB office most IFA,s do some sort of Pro Bono work anyway.

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