New Single Financial Guidance Body Goes Live
On 1 January 2019, the UK Government’s new Single Financial Guidance Body went live. Discover more about its five core functions.
UK Government’s New Single Financial Guidance Body Goes Live
A new Single Financial Guidance Body for the UK went live on 1 January 2019.
The body creates one organisation from the three existing providers of government-sponsored financial guidance: The Money Advice Service, The Pensions Advisory Service and Pension Wise.
It means for the first time that the provision of debt advice, money guidance and pensions guidance are being brought together.
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.
“The new organisation has a clear mission to help everyone manage their personal finances as well as their circumstances allow across the nation,” says Sir Hector Sants, SFGB Chairman. “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.
“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.”
The new Single Financial Guidance Body has five core functions:
- Pensions guidance - to provide information to the public on matters relating to workplace and personal pensions.
- Money guidance - to provide information designed to enhance people's understanding and knowledge of financial matters and day-to-day money management skills.
- Debt advice - to provide people in England with information and advice on debt.
- Consumer protection - enabling the SFGB to work with Government and the Financial Conduct Authority (FCA) in protecting consumers.
- Strategy - work with the financial services industry, devolved authorities and the public and voluntary sectors to develop a national strategy to improve people's financial capability, help them manage debt and provide financial education for children and young people.
All staff from the current three organisations have transferred to the SFGB organisation under the new board and leadership team. This enables a continuity of service, keeping it "business as usual" for consumers.
As 2019 progresses, a new name will be sought for the SFGB. A new outreach strategy will also be developed, which will include a new integrated service offer and enhanced partnership working with the wider industry, employers and key stakeholders.