All working adults should be given vouchers to pay for financial advice, the PFS has told the Government.

The organisation said the financial health check initiative offered a practical solution to bridging the advice gap.

The sessions would be delivered by telephone or face-to-face, and would result in a summary of options that might include full financial advice where the need is evident.

It has proposed that the body which emerges to replace the Money Advice Service would deliver the scheme.

The PFS has today written to the Economic Secretary to the Treasury and the Secretary of State for Work & Pensions, calling for the Government to take the initiative forward.

The idea featured as a core recommendation in the Society’s response to the Government’s public financial guidance review consultation, submitted last week.

The society suggested the proposed single financial guidance body could build on work already undertaken by the PFS and the profession more broadly. Many financial advisers offer a no obligation introductory session to their clients, and hundreds more currently volunteer their time and expertise to deliver free guidance sessions through the Society’s MoneyPlan initiative, run in collaboration with Citizens Advice.

Personal Finance Society chief executive Keith Richards said: “The need for consumers to have access to financial advice is greater than ever, and we believe that this initiative offers a practical solution to bridging the current advice gap and getting consumers who need advice in front of a qualified professional.”

“A Government voucher scheme would give many who have never thought of professional advice a first-hand experience of its value and would demonstrate a real commitment by the new guidance body to collaborate with the personal finance profession to achieve workable outcomes in the public interest.”

“Many advisers are already delivering introductory financial advice sessions to consumers at their own expense and a voucher to cover the cost of a qualified guidance session would increase access and protect the interests of more consumers against poor planning and scams.”

“Our experience, and specifically our MoneyPlan initiative, has shown that professional financial advisers are eager to offer their services to consumers in need of financial advice.”

Designed to be holistic in its nature, a financial health check session could be offered to consumers at a time in their working lives when they are best placed to develop a long-term course of action for achieving their financial and life goals. Participating advisers could deduct a proportion of the cost of each session from their next FCA levy, based on a rate per redeemed voucher submitted, the PFS explained.