The Personal Finance Society is set to expand the MoneyPlan
initiative run in partnership with Citizens Advice, with a growing
number of financial advisers keen to take part in the
Initially rolled out to 50 local Citizens Advice charities last
year, the service is now offered at more than 100 services in the
network across England and Wales, where professionally qualified
advisers volunteer their expertise by providing generic financial
advice for free.
The service is now set to expand, with close to 170 advisers
having registered an interest in participating in the programme and
being partnered with a growing network of Citizens Advice
The Personal Finance Society is also investigating the potential
to expand a similar pro bono advice initiative into Scotland and
Personal Finance Society chief executive Keith Richards said
MoneyPlan had been introduced at the right time for UK consumers,
who are often "confused and baffled" by the complexities of
"The government and regulator, through the Financial Advice
Market Review, are currently considering ways to increase access to
financial advice in recognition that people need guidance more than
ever before," he said.
"Our members have shown they are keen to give something back to
the community, and a growing number of volunteers are improving
access for consumers across the country."
Chief Executive of Citizens Advice, Gillian Guy, said:
"Getting the right guidance can pave the way to financial
"With the MoneyPlan service set to expand, more people will be
able make the most of the link between the money advice we offer
and the generic financial advice of qualified MoneyPlan
Mr Richards said MoneyPlan formed an important part of the
financial advice profession's pro bono initiative, and urged more
financial advisers to participate.
"Pro bono work is a key feature of most professions and an
important part of our ongoing campaign to build trust among
consumers and consumer organisations," he said.
"I would also like to thank specialist insurer Partnership,
which continues to provide important financial support to Citizens
Advice's operational management of the MoneyPlan initiative."
This initiative brings to fruition the recommendation of the
original MoneyPlan pilot that took place between May 2007 and March
2009, where "reduced stress and improved peace of mind" was the
result for 89% of participants.
During the pilot, 30 adviser members volunteered their time on a
regular basis to their local Citizens Advice, to provide money
guidance to clients on low and middle incomes.
Many continue to provide this valuable pro bono support to their
local Citizens Advice. During the pilot, more than 1,100 people
received help with around 2,400 financial issues.
By rolling out MoneyPlan, Personal Finance Society members have
the opportunity to share their expertise with a sector of society
that arguably stands to benefit most, giving them the information,
knowledge and confidence to take greater control of their own