According to a Twitter snap poll of PFS members by the professional body for Chartered Financial Planners by the end of April:
• approximately 7% of members were furloughed
• 73% were working from home
• 12% were “struggling” with carrying out their roles from home.
Some 6.4% of the 78 PFS members who took part said they were still going into their office to serve clients during the Coronavirus pandemic. The figure suggests about 2,560 individuals are working from their office.
It is not known how many who took part in the poll were among the PFS’s 7,000-strong Chartered Financial Planner membership.
The poll was carried out to mark one month after the FCA announced the steps the financial advice profession should take to facilitate working from home.
Keith Richards, chief executive of the Personal Finance Society, said: “Financial advisers are clearly following government and regulatory guidance to slow the spread of the Coronavirus while still carrying out vital work on behalf of their clients.
“The Personal Finance Society will continue to work with government and the Financial Conduct Authority to ensure the latest guidance on how to protect and continue to serve clients is shared with our members.
“We will also continue to support members who have been financially impacted by Covid-19 and want to make sure the profession is equipped with the skills and knowledge they need to be best able to assist consumers in the months and years to come."
On 30 April the professional body announced a 20% discount on digital learning materials for members who have been furloughed, as a result of the pandemic, or seen an equivalent reduction in their income and their learning and assessment costs are not funded or subsidised by their employer.
So far a total of 25 members of the Chartered Insurance Institute who have been furloughed have received a discount to allow them to continue their professional studies.
Those facing financial hardship due to redundancy or working for a business that has collapsed are also eligible for discounts and financial assistance on digital learning or membership.
Further information is available here: https://www.cii.co.uk/learning/qualifications/financial-assistance-during-covid-19/