The Personal Finance Society wants every working adult in the UK to be given a voucher for a financial “health check” session with an adviser, the cost of which could be partially deducted from their next FCA levy.
The PFS says the “qualified guidance” session could either be face-to-face or over the telephone and would result in a summary of options that might include full financial advice.
The organisation has today written to ministers including economic secretary to the Treasury Simon Kirby and Secretary of State for Work and Pensions Damian Green with its response to the Government’s public financial guidance consultation.
It suggests that the proposed single guidance body could help with branding, facilitating and overseeing the initiative alongside government departments, while the PFS could direct consumers to participating advisers in their area through a subset of its “yourmoney” directory.
Excellent idea – should be part of FAMR solutions to advice gap. PFS voucher system for free sessions with advisers https://t.co/5UUePhPB0X
— Steven Cameron (@_StevenCameron) February 22, 2017
The PFS says participating advisers could deduct a proportion of the cost of each session from their next FCA levy, based on a rate per redeemed voucher submitted.
PFS chief executive Keith Richards says the initiative would help bridge the advice gap.
Richards says: “A Government voucher scheme would give many who have never thought of professional advice a first-hand experience of its value and would demonstrate a real commitment by the new guidance body to collaborate with the personal finance profession to achieve workable outcomes in the public interest.”
He adds: “Many advisers are already delivering introductory financial advice sessions to consumers at their own expense and a voucher to cover the cost of a qualified guidance session would increase access and protect the interests of more consumers against poor planning and scams.”