Provision of Financial Guidance Service

Descriptions

The purpose of this Prior Information Notice (PIN) is to notify all interested parties of the Government Departments' intention to undertake a procurement exercise for the delivery of a tailored financial guidance services to help individuals make informed decisions regarding the management of awarded funds.

The service is intended for approximately up to 4,000 recipients.

Main Services Required

Supporting individuals to make an informed decision between lump sum or ongoing payments, taking into consideration their individual personal and financial circumstances.

Support in addressing safe money management practices, including fraud prevention and the importance of making a will.

Guidance on various matters, including options for managing funds.

The service delivery of this guidance would be as follows: information gathering regarding the individual's circumstances, providing a tailored financial advice session based on the awarded funds and their financial circumstances and financial priorities, followed by the provision of a written report summarising the guidance provided to the individual.

Key Participation Requirements

Expertise in delivering financial advice to individuals, taking into account their financial circumstances and objectives.

Evidence of compliance with regulatory standards, including valid financial adviser qualifications and safeguarding certifications. All firms providing this guidance should be registered and authorised by the Financial Conduct Authority.

A minimum of 50% of the advisers providing this guidance should hold a Level 6 Advanced Diploma in Financial Planning, with a minimum requirement for advisers providing this advice being a Level 4 Diploma in Regulated Financial Planning. All qualifications held should be regulated, RDR compliant qualifications.

Interested parties registered service offering available on the CCS FFADS DPS Framework Agreement.

Supplier ability to provide services in the UK (for the avoidance of doubt, England, Ireland, Scotland and Wales) both remotely and by exception face to face.

Proposed route to market

We are currently exploring the potential routes to market with CCS DPS FFADS being one of the options we are keenly exploring.

Response

Interested parties who are able to meet the requirements are invited to respond to this engagement by emailing and confirming professionalservices@cabinetoffice.gov.uk.

Suppliers should include confirmation of their interest and capability to meet the Key Participation Requirements detailed in this PIN

Suppliers to provide any other relevant information they believe would be useful to the authority as part of our assessing our commercial approach.

Suppliers are advised support may be available from CCS to assist interested parties in registering for the CCS DPS framework.

Suppliers are required to confirm once they have registered on to the DPS via CCS FAADs.