Member Article

Government to launch new financial guidance body

The government has announced the launch of a new body offering debt advice and money and pensions guidance.

Earlier this year the government consulted on setting up a two body delivery model for government-sponsored guidance. This included replacing the Money Advice Service (MAS) with a new, streamlined, money guidance body, and bringing together the Pensions Advisory Service (TPAS) and Pension Wise into a new, pension guidance body.

Industry and consumer finance groups raised concerns about how two bodies might work together effectively and whether a single body would provide a better service for consumers.

The government says it has listened to these concerns and has in turn decided that a single body would be better able to respond to the different financial guidance needs of consumers, making it easier for them to get access to the help they need to make effective financial decisions.

The Minister for Pensions, Richard Harrington, explained: “A single guidance body will be more efficient and will help consumers make the right financial decisions, and we are committed to ensuring people can access the best free and impartial financial guidance possible.

“The next steps will involve consulting on the best way to design a single body model, so legislation to create new public financial guidance bodies will not be included in the Pensions Schemes Bill.”

The Economic Secretary to the Treasury, Simon Kirby, added: “Our government wants to give ordinary people more control over the lives, and that includes their financial security.

“We strongly believe that creating one public guidance body is the best way of making it as easy as possible for people to access the help they need to get their financial questions answered.”