New Single Financial Guidance Body (SFGB) Gets Down to Work
A new body, The Money & Pensions Service, is here to help people make the most of their money and pensions.
From 1 January 2019, the Money & Pensions Service (formerly SFGB) brings under one new organisation the free services delivered by The Pensions Advisory Service, the Money Advice Service and Pension Wise.
The Money & Pensions Service is an Arms-Length-Body, sponsored by the Department for Work and Pensions, with a joint commitment to ensuring that people have access and guidance to the information they need to make effective financial decisions over their lifetime.
Money & Pensions Service, working hand-in-hand with industry, will ensure that money and pensions guidance is available to those that need it, adapting to people’s changing needs throughout their lives, offering services and appointments over the telephone, online and in person where appropriate.
Money & Pensions Service will offer:
- Pensions guidance – providing information to the public on matters relating to workplace and personal pensions.
- Money guidance – providing information designed to enhance people’s understanding and knowledge of financial matters and day-to-day money management skills.
- Debt advice – providing people in England with information and advice on debt.
- Consumer protection – enabling the body to work with Government and the Financial Conduct Authority (FCA) in protecting consumers.
- Strategy – working with the financial services industry, devolved authorities and the public and voluntary sectors to develop a “National Strategy” across the UK to improve people’s financial capability, help them manage debt and provide financial education for children and young people.
Chair Sir Hector Sants, said: “Managing money is central to living a contented life. Throughout 2019 we will be talking to stakeholders throughout the UK to develop a national strategy for how we can work towards a society where everyone is able to make the most of their money and pensions.”
Chief Executive John Govett said: “I am delighted to be leading a new organisation that will offer easier access to the money and pensions information and guidance people need, throughout their lifetimes. As one organisation, we can deliver even more effective services and, through working in collaboration with our partners, can increase the scale and impact of everything we do. We will be listening to our key partners, stakeholders, staff and Government Departments and together build a new wider impact for our joint customers.”
For more information please visit the Money & Pensions Service website