In a consultation launched on 19th December 2016, the government is looking for opinions on which body should replace the Money Advice Service (MAS), The Pensions Advisory Service (TPAS) and Pension Wise.
The plan is to consolidate publicly funded debt advice, pensions and money guidance into one body, as opposed to having three separate services. Human resource experts further explain that this new body could take on an even more important role working with the charity sector and financial services sector to understand consumer needs.
Economic Secretary to the Treasury, Simon Kirby, said the goal is really to help people take control of their money and ensure they make the right decisions. Minister for Pensions, Richard Harrington, also chimed in saying that financial guidance for everyone is of the utmost importance to ensure people can make the most of their hard-earned savings.
“This new single body will be a place people can go for free, impartial financial guidance,” Harrington said.
The single financial guiding body, hoping to be in place by autumn 2018, will be responsible for: debt advice, occupational or personal pensions guidance, guidance on how to avoid financial fraud and scams, the coordination of non-government financial education programmes for the young and guidance on wider-money matters.
In the interim, while the new governing body is put together, the MAS, TPAS and Pension Wise will continue to operate business as usual.
