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.


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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.

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