The professional body, which has 40,000 members and runs the Chartered Financial Planner designation, believes the move will help those who have lost their jobs due to the pandemic to retrain for a new career in Financial Planning.

The free memberships will be offered via ‘We Are Change’, a not-for-profit training initiative run by the Verve Group, a training and outsourced Paraplanning business.

The initiative will provide free training and qualifications to help jobless individuals kick-start a career in financial services.

‘We Are Change’ candidates will get practical skills e-Learning and will be supported to achieve their Chartered Insurance Institute Level 4 Diploma in Regulated Financial Planning within two years.

Training is offered free to those who have lost their jobs because ‘We Are Change’ has won backing from sponsor companies willing to pay £85 per month for 24 months to cover the costs of basic training.

The sponsorship covers the cost of CII study materials and the exam for the Level 4 Diploma in Regulated Financial Planning. Sponsors gain free access to a pool of qualified ‘We Are Change’ graduates and will be given a kitemark to use for marketing.

Keith Richards, chief executive of the Personal Finance Society, said: “This is a fantastic initiative that will attract new talent to the profession and contribute to succession planning more widely. We are proud to support this initiative to help individuals whose careers have been disrupted by Covid-19 to access a rewarding career in the financial advice profession.

“Financial advisers and Paraplanners have a key role to play in helping the country build back better the financial fortitude of the UK and planning is increasingly being recognised for its power to change people’s lives for the better.”

Cathi Harrison, CEO of Verve Group, which launched the initiative, said: “It has been a huge turning point in the initiative to secure the support from PFS. I am delighted our mission, to attract and train new entrants into financial services at a time when we need it most, is recognised at a professional body level. 

“We know that the advice gap isn’t going to be resolved overnight, nor is it the responsibility of one person/body, but I hope that our 'We Are Change' training initiative will create a ripple effect of positive change by making it possible for anyone and everyone to do their bit. Tesco got it right with their streamline ‘every little helps’.”