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Detail of outcome
This document sets out the government’s response to the consultation, and outlines further detail on the plan to create a new single financial guidance body to replace the Money Advice Service, The Pensions Advisory Service and the Department for Work and Pensions’ ‘Pension Wise’ guidance. The new body, which the Financial Guidance and Claims Bill will legislate for, will provide and commission pensions guidance, money guidance and debt advice and will complement financial guidance provided by the third sector and industry.
This document sets out a plan to create a single body providing debt advice, money guidance and pensions information and guidance. The body would complement financial guidance provided by the third sector and industry, provide more targeted support for consumers and generate efficiencies.
The government is seeking views on the proposals. The document also sets out the government’s response to a previous consultation – the ‘Public financial guidance review: proposal for consultation’.