According to Credit Action, total UK personal debt at the end of February 2009 stood at £1,458bn. We’re working with the industry and, in particular with A4e, a private sector organisation set up to improve people’s lives, to help Legal & General Advisers understand the barriers facing so many consumers in overcoming money problems. Owen Lewis, Employed Sales Director stresses the importance of forming partnerships like this, “Legal & General and A4e have adopted a unique relationship in the industry, making a difference by giving new financial advisers an opportunity to volunteer and gain knowledge on real financial inclusion issues in communities that otherwise would have passed us by. It also gives us an opportunity to encourage a savings culture in new markets and communities.”
Legal & General and A4e advisors have been ‘buddied-up’ on a volunteering programme, going into communities where rent is still paid in cash and loan shark/door step lending is commonplace. As part of the partnership, Legal & General will also have access to A4e’s valuable knowledge and expertise on debt management.
Feedback from the front line:- 63% of advisors said that they would rate the usefulness of the buddy scheme as excellent or good
- 72% of advisors stated that the visits had benefited their own future roles within Legal & General
- 72% of advisors stated that the visits had improved their knowledge of the barriers faced by the financially and socially excluded.
Building upon this, in 2009 we are supporting A4e in their delivery of the FSA’s Money Guidance programme in the North West of the UK.
Chris Peel, Head of Advice Services for A4e, explains how this benefits both organisations:
“When we met Legal & General earlier this year, we were really impressed with their commitment to recognise the needs of people who are less financially well off. Through our experience of helping people who are financially and socially excluded, we can really support Legal & General’s new financial advisers in gaining hands on experience and knowledge of engaging with our client base.”