In March 2016, the Government published the Public financial guidance review: proposal for consultation, setting out proposals to replace the Money Service Advice with a new money guidance body and to bring together the Pensions Advisory Service and the Department for Work and Pensions’ Pension Wise guidance into a new pensions guidance body.
In light of the comments received to the consultation the Government has 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 access the help they need to make effective financial decisions. The Government has now published Public financial guidance review: consultation on a single body. This document provides a summary of the responses received to the earlier proposals and sets out a model for a new single financial guidance body which will commission advice for those in problem debt, co-ordinate efforts to improve financial capability and provide information and guidance on matters relating to pensions, financial scams and wider money matters. By publishing the document the Government wants to receive feedback as to whether the proposed model will allow consumers the access to guidance they need to make effective financial decisions.
The creation of the single financial guidance body is subject to the Cabinet Office approval process. The Government anticipates that the new body will be launched no earlier than Autumn 2018. The deadline for comments on the consultation paper is 13 February 2017.
View Government consults on single public financial guidance body, 19 December 2016