New guidance body named Money and Pensions Service

Money and Pensions Service chief executive John Govett

The government has confirmed the new Single Financial Guidance Body will be called the Money and Pensions Service.

Last month Money Marketing reported the guidance body would be rebranding.

In a document signed by pensions minister Guy Opperman and brought before parliament today, it states the new name will come into effect at the beginning of the new financial year, 6 April.

The body launched last year as a combined entity to replace the Money Advice Service, Pensions Wise and the Pensions Advisory Service.

It is expected the Money and Pension Service, under chief executive John Govett, will make guidance more efficient by bringing pensions and debt advice into the one service. It also aims to increase awareness of issues like scams and the limits to the Financial Services Compensation Scheme’s coverage.

Money Marketing reported on FCA discussions last June in which the watchdog said the body should prioritise direct communication with consumers about available protection.

FCA-regulated firms will continue funding the cost of pensions guidance and debt advice through a new levy to be administered by the SFGB.

This will replace separate MAS and Pensions Wise levies for the 2019/2020 year.

Aegon comments that christening the body the Money and Pensions Service is a good move from the Department for Work and Pensions. Aegon pensions director Steven Cameron says:

“We’re pleased that its new name, the Money and Pensions Service, avoids using the word ‘advice’ which should help individuals recognise the difference between the guidance it will offer and the advice they can obtain from professional regulated advisers. An abbreviation to MAPS, with its inference of setting direction, could well be on the cards.”

Cameron believes the next step will be for the Money and Pensions Service to ensure people get the right guidance by replacing current signposts to existing guidance services with a single one to the new body.

Recommended

Mixed Investment 0-35% Shares

Schroders increases stake in troubled Provident

Schroders has increased its stake in a troubled sub-prime lender Provident Financial. The asset manager has upped its holdings in the company from 12.4 per cent to 13.7 per cent, according to a stock market update earlier this week. Yesterday, a further update suggested that Schroders’ total holdings of ordinary shares in the company had […]

3

Nutmeg advice boss on where guidance stops and planning starts

Nutmeg head of financial advice Lisa Caplan tells Money Marketing how the controversial service is shaping up four months in When digital wealth manager Nutmeg announced its expansion into personalised advice last October, industry heavyweights were quick to criticise what it counted as “advice”. Nutmeg’s advice proposition includes a free initial consultation followed by a […]

The future of vertical integration

Have we entered a new era for the investment distribution landscape? In the post-pension freedoms world where demand for advice has increased, so has the demand for distribution from product providers. While much has been written about moves by household names like Standard Life Aberdeen and Prudential to establish in-house financial planning businesses, less attention […]

Men and fatherhood, sex equality,

Let’s talk about sex (equality)

Tracey Dickson – Marketing Consultant It’s been 100 years since women were given the right to vote in the UK, and we’ve seen a lot of stories in the press recently about this triumph and the ongoing campaign for equality for women – both in wider society and in the workplace. Today something else in the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Now they’ve named it properly after over a decade of us telling them it’s misleading, we probably better be positive in talking it up as a good thing, which it should be. I also like the abbreviation of “MAPS” about direction of travel…. a guide showing you several options as opposed to advice which is specific and the recommended path for YOU.A map may show that you can follow a road, but you need someone not advise against walking where there isn’t a pavement and not all sat navs or maps will tell you about low or week bridge which an adviser will do if you’re in a heavy vehicle!
    To advise/know the route, you have to have recce’d it first and that is what the adviser adds when changing a map to a route card.

  2. Andy Robertson-Fox 5th March 2019 at 7:55 am

    The first thing this body should do is to persuade government that the cost of unfreezing is estimated by the DWP at GBP 600 million and the NI Fund currently has over GBP31 billion in surplus…and predicted to rise by the GAD to around GBP61 billion.
    There is no excuse for further procrastination in the government meeting the parity claim.

  3. Why not call it the Money and Pension Guidance Service? Just calling it the Money and Pension Service gives no clue as to what service it will actually provide. That’s only a small step less useful than the crassly misnamed Money Advice Service, which must have been constantly having to tell callers that Advice was the very thing that it didn’t offer. I imagine that alone may well have put off many callers who’d called in the hope of getting advice without having to pay for it.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com