The Personal Finance Society has instigated extensive plans to support its 40,000 members during the Coronavirus lockdown.

The PFS is suspending all events across the UK due to take place in the second quarter of 2020.

The society’s last three remaining regional events of the first quarter of 2020 and two Society of Mortgage Professional specialist events were cancelled this week.

While travel is restricted, the society will provide members with digital CPD content, including event recordings, webinars and good practice guidance on subjects such as business continuity planning, client communications and regulatory requirements.

The Personal Finance Society says it has taken this action as a priority to “ensuring the health and safety of its staff, speakers and members.”

The professional body will also use the content from the CPD programme that was already in place to support the profession.

Keith Richards, chief executive of the Personal Finance Society, said: “These are unprecedented times but I am confident that the resilience and spirit of the profession will endure at a time when clients will need their expertise, coaching and help the most.

“Business continuity plans are being put to the test as financial advisers ensure they can continue to meet regulatory requirements and deliver the service agreed with clients while trying to delay the spread of the coronavirus. The Personal Finance Society will produce virtual content to assist our members with running their business.

“Financial advice firms are considering the impact of government restrictions on movement, rules on public gatherings, schools being closed and up to a fifth of the workforce being ill at the same time and how they would still be able to provide a Financial Planning service. Many financial advisers are now reviewing plans for remote rather than face-to-face meetings with clients identified by the government as having to self-isolate during the coronavirus outbreak.

“The PFS is in contact with the government and regulators regarding the impact of issues that may cause the profession additional challenges in serving the public in the coming months. Issues such as how Mifid II’s 10 per cent reporting rule could be adding to work load pressure and anxiety for consumers at this time, and other deadlines or potential breaches.

“In these times of heightened anxiety we will continue to be here to assist the profession.”