Government to set up body offering debt and pension advice

The Department for Work and Pensions has announced that a new public body offering debt advice, money and pensions guidance is to be set up support consumers making financial decisions.

Government ministers have unveiled plans to develop a single public financial guidance body which is responsible for delivering monetary advice. The news comes after the government previously consulted on setting up a two body delivery model for government-sponsored guidance. This included replacing the Money Advice Service (MAS) with a new, streamlined, money guidance body, and bringing together the Pensions Advisory Service (TPAS) and Pension Wise into a new, pension guidance body.

However, following concerns about whether the two bodies could work together effectively, ministers have decided a single body would be better able to respond to the different financial guidance needs of consumers, making it easier for them to get access to the help they need to make effective financial decisions.

Simon Kirby, Economic Secretary to the Treasury, said: “Our government wants to give ordinary people more control over the lives, and that includes their financial security. We strongly believe that creating one public guidance body is the best way of making it as easy as possible for people to access the help they need to get their financial questions answered

Richard Harrington, Minister for Pensions, said: “A single guidance body will be more efficient and will help consumers make the right financial decisions, and we are committed to ensuring people can access the best free and impartial financial guidance possible.