Lighthouse Group’s will offer every permanent member of MAS staff the chance to have a complimentary financial review.
Lighthouse was selected from a pool of around 3500 advice firms listed on the Money Advice Service Retirement Adviser Directory. All were invited to submit expressions of interest, with around 50 firms doing so.
The firm’s contract will run until March 2018.
The group will also run day surgeries for 1-2-1 meetings, seminars on key financial topics and offer discounted rates on regulated financial advice. Topics will be based on individual needs but will include pensions, retirement income options, mortgages, protection insurance and savings and investments.
The Money Advice Service said it made the decision following recommendations by the Financial Advice Market Review to encourage employers to help staff with their finances. The body said it “recognises the vital importance of regulated financial advice and points consumers towards regulated advice as part of the guidance journey”.
Caroline Rookes, chief executive of the Money Advice Service, said: “We are pleased to be working with Lighthouse and to give staff the opportunity to access the benefits that independent financial advice can provide. Regulated advice has an important role to play in ensuring that people make the right choices about their money – not only for our staff but for the wider public. A vital step in the guidance journey is signposting consumers towards regulated financial advice at the appropriate time.”
Malcolm Streatfield, chief executive officer of Lighthouse, said: “We look forward to developing our relationship over the coming months and working closely with The Money Advice Service employees, who themselves are dedicated to helping others, and to assisting them with their financial planning requirements. The Board remains committed to increasing our affinity partnerships throughout the UK.”