Backstage with Keith Richards – 11 May 2020

All-Party Parliamentary Group

Last week saw the first of a series of All-Party Parliamentary Group Longevity Leaders Round Table’s with some 200 participants joining the virtual meeting. The second meeting focused on applying lessons learned from Global Response to Covid-19 will be held on Monday 11^th May, joined by experts from around the World and the development of values for the Business Coalition for Healthier Longer Lives planned for Thursday. The role and services of our profession is vital to this work and the output will be published in due course.

Brexit

As well as various virtual internal and external meetings filling my diary, I also took part in a couple of podcasts and Journalist interviews with the week being rounded-off with an update from the FCA regarding Brexit plans as more recognition is being placed on our phased exit from COVID-19 lockdown.

Increasing awareness

Both in the UK and internationally, the impact of the current crisis on consumers is taking is toll but increasingly highlights the value of financial planning, and the importance of insurance to protect against the risks in life we all face. Whilst advisers and insurers have been similarly impacted, I predict increasing awareness amongst the public for the relevance and need to plan and an increase in demand for both products and services in the future.”

Due to the acute financial impact endured by clients during this time, providers should expect advisers to ask tougher questions about the products and services they offer and why too many still require wet signatures. Advisers will be particularly aware of their client’s new state of financial vulnerability and will want to make sure that their needs are fully met with the most suitable solutions.”

As this crisis starts to slow and then activities start to return to a semblance of normality, providers should continue to expect this increased scrutiny from advisers, as the financial and social effects of the pandemic on the public will be felt for quite some time.

This is an opportunity for all parts of the Financial Services sector to step up to the plate and demonstrate its true value in society, whilst also offering a renewed opportunity to address many of the negative perceptions, real or not, and build a new level of public confidence and trust in our profession.

Bounce back loans

I’m pleased to see the government issuing further information on the Bounce Back Loans Scheme and Self-Employment Income Support Scheme.

I welcome the new measures the government has introduced to support businesses and the self-employed who were not able to make use of the Coronavirus Business Interruption Loan Scheme and the Job Retention Scheme launched last month.

The economic crisis we are in the midst of is unprecedented and has already affected businesses and individuals significantly. The Personal Finance Society commends any measures which can ensure as few people as possible fall between the cracks and get access to much needed support quickly.

We urge any of our members who are in need and are eligible for these schemes to make full use of them in order to ensure the vital service they provide to the public continues. We will continue to work with the regulator and the government, to ensure our members are supported in meeting the needs of their clients and receive the most up to date guidance to do so.

Personal Finance Awards 2020/21 – Education Champion of the Year

Have you considered entering the our Personal Finance Awards 2020/21 yet?

I’m particularly pleased to see the introduction of a new category for 2020/21 – Education Champion of the Year. This recognises those who provide pro bono services and giving back to their local community. The winner will demonstrate a true passion for financial education and be a true champion of the ‘My Personal Finance Skills initiative.’

From Regional Officers, MoneyPlan, Forces MoneyPlan and My Personal Finance Skills, I would like to thank all our pro bono volunteers for the role you play in evolving the profession – Thank you!

Take a moment to check out this and the other categories on our dedicated Personal Finance Awards 2020/21 website now. Remember, the deadline for entries is 1 July.

Please keep your feedback coming in on the things most important to you and your peers, or on key issues which allows us to share with policy makers - your feedback is welcome via email to pfsnews@thepfs.org

Keith Richards
Chief Executive Officer – Personal Finance Society