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.”