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Guidance body grows board as October launch looms

The Pensions Advisory Service chair Ann Harris and non-executive director of the Money Advice Service Mike Dailly have been appointed as non-executive directors of the new Single Financial Guidance Body.

The body is expected to launch on 1 October with Harris and Dailly’s appointments to start immediately.

The single body brings together MAS, Pension Wise and TPAS. The launch was recently pushed back until winter, following long delays.

MAS chief: New guidance body should not use the word ‘advice’

Harris has worked as a public servant for more than 40 years and was awarded an OBE in 2009 for her work with the Department for Work and Pensions.

Dailly is a solicitor advocate who acts exclusively for consumers, a member of the European Banking Authority’s expert group, and a non-executive director with the Scottish Housing Regulator. He was also formerly a member of the FCA’s financial services consumer panel.

Guidance body chair Hector Sants says: “The organisation intends to ensure it builds on the successes to date, and absorbs the lessons of the past. To best achieve this, a degree of continuity is vital and I am delighted that Mike Dailly and Ann Harris have agreed to join the board and look forward to working with them.”

Harris and Dailly will serve as directors of the guidance body for a two-year term and are expected to continue their other current roles.

Non-executive directors will receive £15,000 a year for approximately 30 days work.

Chair of Thurrock University Hospitals NHS Foundation Trust, John Govett was announced as the first chief executive of the body in July.

Core functions of the guidance body

  • Pensions guidance function – to provide information and guidance to the public on matters relating to occupational and personal pensions
  • Money guidance function – to provide information and guidance designed to enhance people’s understanding and knowledge of financial matters and their ability to manage their own financial affairs
  • Debt advice function – to provide members of the public in England with information and advice on debt
  • Consumer protection function – enabling the body to work with government and the FCA in protecting consumers from detriment
  • Strategic function – to work with others in the financial services industry, the devolved authorities, and the public and voluntary sectors to develop a national strategy to improve the financial capability of members of the public, the ability of members of the public to manage debt, and the provision of financial education to children and young people

Source: UK government

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. what success to date?

  2. Within the first “core function” listed please can this body focus all of its efforts on protecting people against scammers, thus saving the financial services sector an absolute fortune in FSCS costs?

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