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The new Single Financial Guidance Body is set for a January 2019 launch

The new Single Financial Guidance Body is set for a January 2019 launch

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.

What will the SFGB offer consumers?

SFGB will have five main functions:

  • Pensions guidance – to provide information and guidance to the public on matters relating to occupational and personal pensions.
  • Money guidance – to provide information and guidance designed to enhance people’s understanding and knowledge of financial matters and their ability to manage their own financial affairs.
  • Debt advice – to provide members of the public in England with information and advice on debt.
  • Consumer protection – working with government and the Financial Conduct Authority in protecting consumers from detriment.
  • Strategy – to work with others to develop a national strategy to improve the financial capability of members of the public, including their ability to manage debt, and the provision of financial education to children and young people.

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:

Shop around for information about pensions

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.

Can we help you arrange your retirement income?

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.

 

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