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Injured service personnel and veterans to be offered free financial guidance

Injured and recovering service personnel and veterans will be offered free financial guidance under a new initiative launched by the UK's largest professional body for financial advice and related professionals.

The Personal Finance Society will launch Forces MoneyPlan on 27 June, coinciding with Armed Forces Day, which offers an opportunity for the British public to pay tribute to the contributions of currently serving troops, service families, veterans and cadets.

Launched in conjunction with the On Course Foundation, the initiative will support injured and recovering service personnel and veterans through one-on-one financial guidance sessions delivered by qualified financial advisers across the UK.

PFS chief executive Keith Richards said more than 100 members of the Personal Finance Society had already registered to donate their time and expertise to the programme.

"Our armed forces make an incredible contribution to the safety and security of our country and it is only fair that we offer them our support in times of need," he said.

"The response from our members, many of whom are ex-servicemen and women themselves, has been overwhelming."

"They are keen to give something back to the community, and throughForces MoneyPlan, are able to offer their gratitude to those who have distinguished themselves in our armed services."

On Course Foundation is a charitable organisation that supports the recovery of wounded and injured service personnel and veterans, by introducing them to the game of golf and educating them about employment opportunities within the golf industry.

On Course members, who in many cases would not have access to the services of a professional financial adviser, will be offered guidance on issues including pensions, insurance, mortgages, savings and investments as part ofForces MoneyPlan.

On Course Foundation managing director Alistair McKay Forbes said the new initiative was developed to address the increasing need for ex-service personnel to gain access to financial advice.

"Since inception, but increasingly following greater active engagement of our armed forces in the Middle East, the Foundation has become aware that many veterans are in receipt of substantial sums of money as a result of either payments from the Armed Forces Compensation Scheme or insurance-based payouts," he said.

"In many cases, the amounts involved are of a level that the veteran has never had to contemplate or manage in the past. This has placed them in a position of vulnerability, ranging from sub-optimal advice and inappropriate advice that doesn't meet the long term interests of the veteran, through to more blatant fraudulent activity and financial scams."

"I am delighted that the Personal Finance Society has joined us in developing a programme where veterans can be placed in a less vulnerable and better informed position via receipt of a free consultation with one of its members."

PFS members can register their interest in donating their time to Forces MoneyPlan by visiting: www.thepfs.org/forcesmoneyplan

Not already a member?

Members get access to a range of benefits, including quality CPD and discounts on CII exams.

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