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Govt to create single guidance body

Pension Wise jenga

The Government has decided to create a single organisation to deliver guidance on pensions, money and debt advice.

The new public body will replace the Money Advice Service, The Pensions Advice Service and Pension Wise.

The Government first proposed guidance should be delivered by two organisations: a streamlined MAS and a new pensions guidance body.

But following concerns raised by industry and consumer groups about how workable two guidance organisations would be in practice, ministers have decided one body will better help consumers make the right financial decisions.

There will be further consultation on what the single guidance body should look like, so the Government says legislation to create public financial guidance organisations will not be included in the Pension Schemes Bill.

Treasury economic secretary Simon Kirby says: “We strongly believe 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.”

Pensions minister Richard Harrington says: “A single guidance body will be more efficient and will help consumers make the right financial decisions.

“We are committed to ensuring people can access the best free and impartial financial guidance possible.”

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Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Feels like Groundhog Day. How much will this cost us to provide ‘free advice’ to the unengaged in order to muddle through the miasma which successive legislation and regulations has created?

    I won’t wait with baited breath on this one!

  2. They should call it the Financial Advisory Advice Advising Body and then provide guidance to all.

    Sorry. I’m being a cynic.

    In seriousness, consumer awareness is a good thing. What is required is joined up thinking, consistency, time for things to evolve and a clarity as to what is and what isn’t advice and what that means to the consumer.

  3. Good to hear it being described as a “public body” it must therefore be paid for by the public and taxpayers money

  4. So will there be a clear line so that applicants will understand the difference between guidance and advice?

    What qualifications will the ‘guiders’ have. After all this looks like being a pretty holistic service.

    Will they take responsibility for duff guidance and in that case will there be compensation? And as Martin says, it is to be hoped that it will all be funded out of the public purse.

  5. Nicholas Pleasure 10th October 2016 at 6:15 pm

    What should it be called….Money Wise, Money Advice…

    I know…how about Money Pit – or more appropriately Other Peoples Money Pit.

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