New public body offering debt advice, money and pensions guidance
11 October 2016
11 October 2016
Ministers have decided to take forward plans to develop a single public financial guidance body which is responsible for delivering debt advice and money and pensions guidance to the public.
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.
Ministers have listened to these concerns and have 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, said:
“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.