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Government to form single financial guidance body

14th October 2016

From an article on 11th October 2016

A single financial guidance service, delivering debt advice, budgeting and pension guidance will be set up by the government. The Money Advice Service will be abolished (as announced at Budget 2016) and the Pensions Advice Service and Pensions Wise will be reformed into one body.  The single financial guidance body will aim to make it easier for consumers to get the help they need with their financial decisions. Plans are currently in consultation so no legislation will be included in the forthcoming Pensions Schemes Bill.

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Our comments on this article

“Currently, the vast range of organisations which provide different aspects of financial advice can be both confusing and daunting for consumers. Therefore, having a single financial guidance service would be a good idea as it will be much easier for consumers to gain fundamental financial advice. This welcomed proposal would mean that consumers will get in-depth expert advice on financial matters, especially in significant complex issues such as choosing the right pension tailored for each individual".

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