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New guidance body must avoid ‘advice’ in name

The newly-launched Single Financial Guidance Body that is due to re-brand later this year must not have the word “advice” in its name a pensions expert warns.

Last week Money Marketing reported the body, which launched last year as a combined entity to replace the Money Advice Service, Pensions Wise and the Pensions Advisory Service, will be renamed in the next few months.

Money Marketing understands the body will also publicly outline its specific remit following the name change.

The launch of the long-awaited SFGB under inaugural chief executive John Govett is expected to make guidance more efficient by rolling pensions and debt advice under one roof, while also boosting awareness of issues like scams and the limits to the Financial Services Compensation Scheme’s coverage.

Dunstan Thomas director of retirement strategy Adrian Boulding (pictured above) says it is important the new name of the SFGB does not confuse consumers by having the word “advice” in its name.

He points out the general public have misunderstood the difference between guidance and advice for years and this must be addressed by the new guidance body.

He adds: “The message has to be conveyed that there is a difference between guidance that is useful information and financial advice which is about what consumers should do.

“The new guidance body will play a vital role in distinguishing between these two things and having an appropriate name would be a good first step.”   

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  1. Dictionary definition of ‘guidance’ – advice or information aimed at resolving a problem or difficulty, especially as given by someone in authority. So, better not use ‘guidance’ either.

    How about ‘General Public Financial and Investment Information Service’?

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