More about the background to the Forces MoneyPlan initiative.
Following greater active engagement of our armed forces in recent years, many members of our services have been in receipt of substantial sums of money as a result of either payments from the Armed Forces Compensation Scheme or Insurance based payouts.
In many cases, the amounts involved are of a level that the veteran has never had to contemplate or manage in the past and has placed them in a position of vulnerability, ranging from inappropriate advice that doesn't have their best long term interests at its centre, sub-optimal advice, through to more blatant fraudulent activity and financial scams.
This pro bono initiative has been established by the Personal Finance Society in association with armed forces charity On Course Foundation* and Blesma – the limbless charity** to enable injured and recovering armed forces personnel and veterans, whether in receipt of related compensation payments or not, to benefit from free financial guidance from a fully qualified and regulated financial adviser member of the Personal Finance Society.
This may or may not lead to the delivery of fee based regulatory advice with a personal recommendation as to a course of action and/or product transaction.
*On Course Foundation helps armed forces veterans who suffer from physical and mental injuries, by introducing them to golf and encourage them to attend their 'Golf Skills & Employment Events'(which explores how golf can help them on the road to recovery and how the golf industry can provide employment such as golf course management, green keeping, marketing etc).
**Blesma – The Limbless Veterans, is an Armed Forces charity dedicated to assisting serving and ex-Service men and women who have suffered life-changing limb loss or the use of a limb, an eye or sight. They support these men and women in their communities throughout the UK.