Back in November, we reported on the forthcoming merger of three existing providers of government-sponsored financial guidance. The resulting Single Financial Guidance Body (SFGB) service launched on 1 January and provides free, impartial guidance to anyone seeking information on managing their finances.
Made up of The Money Advice Service, The Pensions Advisory Service and Pension Wise, the SFGB has been designed to offer the public a more streamlined service when accessing debt advice, pensions guidance and consumer protection. Its purpose is to enhance financial wellbeing across the UK.
Each of the three existing organisations will continue to operate under their own current identity until the SFGB is renamed over the course of this year. This wind-down approach will assist consumers as they benefit from an uninterrupted service.
The new SFGB website is now up and running, featuring information on the purpose and five core functions of the scheme. We covered these in our November article.
Sponsored by the Department for Work and Pensions and funded by a levy on the financial services industry and pensions schemes, the Single Financial Guidance Body will engage with HM Treasury, which is responsible for policy on debt advice and financial capability. It’s also focusing on the development of an outreach strategy, working alongside employers, industry and key stakeholders.
If you’ve spoken with any of the government sponsored guidance services and require further information on pension annuities or a quote, Retirement Line can help.
Call our team of Annuity Specialists free on 0800 652 1316 and we’ll be more than happy to answer any questions you may have. Alternatively, you can email us at email@example.com.