The Citizens Advice Bureau can now provide financial advice after being made exempt from the Financial Services and Marketing Act 2000. At present, at least 7% of Britain is heavily in debt, and the Citizens Advice Bureau provides help at a quarter of the average case cost, compared to other advice centres.
Our view:
A very dangerous thing! Yes CAB volunteers may venture down this road but are they qualified? Do they need training? Just because they are exempt under FSMA 2000, will a client who receives poor advice take a civil action? If we were CAB volunteers and yes, we know a few as we help the CAB regularly, we would not touch this one with a barge pole!