The Single Financial Guidance Body (SFGB), officially in existence from 1 January 2019 (via The Financial Guidance and Claims Act 2018 (Commencement No. 5) Regulations 2018 SI 2018/1330), creates one organisation from the three existing providers of government-sponsored financial guidance:

• The Money Advice Service
• The Pensions Advisory Service
• Pension Wise

bringing together the provision of debt advice, money guidance and pensions guidance. It is understood that most if not all staff from these three bodies have transferred to the new body.

Note: "advice" is now appended only to debt; only "guidance" is to be provided on money and pensions.

"SFGB" is in effect a working title for the new body; its future name is to be determined by regulations made by

Secretary of State (FGCA 2018 s.1(2)). It is funded by levies on both the financial services industry and pension schemes. The new body is sponsored by the Department for Work and Pensions, but will also engage with HM Treasury, which is responsible for policy on financial capability and debt advice.

As we noted when the creation of the new body was first mooted two years ago, . . .

11 Jan 2019   Check other news items