The Personal Finance Society (PFS) has been granted membership to the Confederation of Forces Charities (Cobseo) to help current and former members of the armed forces deal with their finances.
The PFS’ Forces Moneyplan is a pro-bono initiative looking to guide around six million people and their dependants, represented by Cobseo, through money issues.
It will see a qualified financial adviser offer guidance to personnel and veterans.
Keith Richards, chief executive of the PFS, said: “Acceptance of the Personal Finance Society as an affiliate member is recognition of the unique role of Forces MoneyPlan and especially the efforts and commitment of our adviser volunteers, without whom this unique and valuable service would not be possible.
“In 2020, the PFS looks forward to working with Cobseo to broaden both the scope and impact of Forces MoneyPlan, by helping facilitate direct access to individual member charities that include, among many others, the Royal British Legion, Help for Heroes and armed forces charity SSAFA [Soldiers, Sailors, Airmen and Families Association].”
Help with financial understanding
The programme was piloted in 2017 with armed forces charity On Course Foundation.
Thanks to the Cobseo affiliation, members of limbless veterans charity Blesma, the Forces Pension Society and all those coming through the Veterans Gateway will be able to access free financial guidance.
Forces Moneyplan will not be able to offer regulated advice, however.
It will only be allowed to give information and general guidance on what options a person could consider, based on “a general understanding of his/her current circumstances, needs and priorities, so that individuals are supported and better able to make their own informed decisions about what actions they wish to take in respect of their finances”, the charity’s website says.
