The CAB announced last week that it will continue to offer MoneyPlan following the success of a two-year pilot, which saw 36 PFS members volunteer pro-bono advice.
The service is based on the provision of generic, unbiased and jargon-free information, with no product sales involved. Advisers must be qualified to diploma level to volunteer.
PFS chief executive Fay Goddard says the public needs practical and impartial advice now more than ever.
She says: “Working with Citizens Advice, we need to focus on ensuring that the service is promoted and understood by consumers. I will be encouraging more PFS members to come forward to meet the grow- ing demand for the service. Those that have participated have found it a very rewarding experience.”
CAB director of public policy Teresa Perchard says: “We are very grateful to all the PFS IFA members that have taken part in this project and given their time to volunteer at their local CAB. MoneyPlan has exposed a worrying gap in the availability of financial advice for people who cannot afford to pay for it or start to know where to find it.”