The Treasury Committee announced last week it wants to extend the Citizens Advice Bureaux's project of working with IFAs on a pro bono basis as part its work on promoting financial inclusion.
The committee’s report calls for an increase in the funding of generic financial advice and suggests CAB’s project with IFAs is expanded through additional money from the industry and the Financial Services Authority’s (FSA) financial inclusion fund. But are IFAs willing and able to sacrifice time spent servicing clients and dealing with business matters to giving advice they won’t be paid for? Tracey Mullins, director of public affairs at the Association of Independent Financial Advisers (AIFA), admits the financial services industry is not a social service and it is generally not prep...
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