The Citizens Advice Bureau is about to embark on a £90,000 test project funded by Barclays and the Society of Financial Advisers. The project is aimed at getting sound financial advice to those people that need it but cannot afford it.
Staff at the CAB are concerned as to what their new roles will be, although it could be as small as just referring people onto independent financial advisers. But, there is a possibility that staff could be expected to provide at least some advice.
Our View
Passing the staff at CAB offices off as financial advisers is an absolute joke. We also cannot see why sponsorship is needed for the project - the CAB receives sufficient funding from Government coffers. It is the Government that want people educated on finances so why should other organisations have to put up funding.
We have been working with the CAB for the past 4 years, giving free advice and guidance to those people that need it. This is not a new concept and could end up confusing the public even more.
Our view is that the CAB does a fantastic job but they are not financial advisers. Everyone should stick to their speciality and the public will get better advice.