On the go: The Single Financial Guidance Body launches this week, as three existing providers of government-sponsored financial guidance merge.
For the first time the provision of debt advice, money guidance and pensions guidance will come under one umbrella. The services were previously split between the Money Advice Service, The Pensions Advisory Service and Pension Wise.
All staff from the current three organisations have transferred to the SFGB organisation, keeping it business as usual for consumers.
The SFGB 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.
Commenting on the new organisation, its CEO John Govett said: “A new single body provides an opportunity to deliver a more streamlined service to people, providing easier access to the information and guidance they need to help them make effective financial decisions throughout their lives.”
Sir Hector Sants, SFGB chairman and former CEO of the Financial Services Authority, added:
“The new organisation has a clear mission to help everyone manage their personal finances as well as their circumstances allow across the nation. We are creating an organisation which is seen as transparent, accountable, effective and above all respected by all, working hand-in-hand with the industry, our staff and our partners.”
As 2019 progresses, a new name will be sought for the SFGB.
