January 2019 will see the creation of a new place for UK consumers to receive guidance on pensions and money, including debt advice in England. The government is bringing together three organisations - the Money Advice Service, the Pensions Advisory Service and Pension Wise - to create a new Single Financial Guidance Body (SFGB).
The government believes that forming a single body will deliver a more streamlined service to members of the public. It should make it easier for people to access information and guidance when they are facing financial decisions.
The SFGB was established as a legal entity in October 2018 and is expected to start delivering services in January 2019. The intention is that it will be staffed by personnel from the three existing organisations.
SFGB will have five main functions:
The chair of the Single Financial Guidance Body, Sir Hector Sants, said: “The new organisation has a clear mission to help everyone manage their personal finances as well as their circumstances allow. My vision is of an organisation which is seen as transparent, accountable, effective and above all respected by all.” SOURCE:
Here at Retirement Line we welcome anything that will bring consumers access to quality information and guidance. Pension Wise offers a valuable service to consumers and we look forward to this continuing under the umbrella of the SFGB.
In our experience, many consumers benefit from taking advice from a variety of sources. For example, we are often approached by people who have received help from Pension Wise, but who need additional information about the level of retirement income that an annuity could bring them.
The creation of the SFGB is therefore a welcome step, but it’s clear that there is still a need for other organisations and companies to help people make suitable decisions about their financial future.
If you are considering an annuity, we would be delighted to offer our expert assistance. We help over 2,000 annuity enquirers every month and are very often able to secure a better retirement income for them. For example, of those interested in a lifetime annuity, over 80% qualify for an enhanced annuity with higher income.
Please contact us on 0800 652 1316 and talk to one of our Annuity Specialists in confidence with no obligation.