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Personal Finance Society
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Forces MoneyPlan


Financial guidance for armed forces personnel and veterans.

Since 2007 Personal Finance Society members have worked alongside their local Citizens Advice Bureau to provide valuable pro bono financial guidance for consumers who wouldn't ordinarily be able to access professional advice. This successful partnership is known as 'MoneyPlan'.

To coincide with Armed Forces Day 2017 we launched a similar initiative Forces MoneyPlan whereby qualified Personal Finance Society members provide pro bono financial guidance to sick and injured armed forces personnel and veterans, who (as with MoneyPlan) have difficulty accessing professional financial guidance.

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.  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 the best long-term interests of the veteran at its centre, sub-optimal advice that does not take into account specific circumstances, through to more blatant fraudulent activity and financial scams.

The Personal Finance Society is ideally placed to establish a process whereby veterans can be placed in a less vulnerable and better informed position via receipt of a free ‘pro bono’ guidance consultation with a member who is a fully qualified and regulated financial adviser. This may or may not then lead to the delivery of fee based regulatory advice with a personal recommendation as to a course of action and/or product transaction.

Following our successful pilot with the On Course Foundation we extended the initiative in July 2018 to cover members of Blesma – the Limbless Veterans charity. Also, as part our strategic plan, in Autumn 2018 we are happy to announce that Forces MoneyPlan will broaden to include members of the Forces Pension Society, regardless of their health or injuries.

In 2018 the Personal Finance Society signed the Armed Forces Covenant. This is a pledge that together with others we acknowledge and understand that those who serve or who have served in the armed forces, and their families, should be treated with fairness and respect in the communities, economy and society they serve with their lives.

Benefits of participation

This is an opportunity for qualified members to volunteer a small amount of their time, knowledge and expertise and make a real difference to the lives of those who have given so much in serving our country:

  • One of the initiative's aims is to resolve financial problems for sick and injured armed forces personnel and veterans, bolstering confidence and helping to reduce worry and stress
  • Volunteering qualifies for CPD whilst expanding professional knowledge in other areas of personal finance relevant to armed forces personnel and veterans
  • Pro bono is a key feature of most professions and an important part of our ongoing campaign to build trust among consumers and consumer organisations. Those advisers involved in MoneyPlan initiative will testify that pro bono work can be hugely rewarding.

More information available on our Frequently Asked Questions page.

Volunteer

If you are interested in supporting this important initiative then we would like to hear from you as an expression of interest. 

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