HM Treasury has published a consultation paper on public financial guidance, which seeks responses on how the public provision of free-to-client, impartial financial guidance should be structured to give consumers the information they need to make financial decisions.
The consultation paper focuses on the activities delivered by the Money Advice Service (MAS), Pensions Wise and the Pensions Advisory Service, broadly:
- debt advice. The Review of the Money Advice Service, published in March 2015, noted the good work MAS had done in its debt advice role, and identified areas for further improvements. The consultation paper provides an opportunity for more fundamental consideration of the role of government and statutory organisations in the provision of debt advice;
- pensions guidance. HM Treasury seeks views on how to rationalise the delivery of statutory pensions guidance to make it easier for consumers to understand where to access information, ensure an efficient but accurate and helpful service is provided, and generate efficiencies; and
- money guidance. HM Treasury seeks views on whether the statutory objectives underpinning MAS are the right ones and what role, if any, a statutory body should have in providing general money guidance.
The deadline for comments to the consultation paper is 22 December 2015. The Government will consider responses and report back ahead of Budget 2016, alongside the Financial Advice Market Review.
View Consultation: public financial guidance, 12 October 2015