The Department for Work and Pensions (DWP) has launched a new body offering free, impartial financial guidance.
The Single Financial Guidance Body (SFGB) is an amalgamation of The Money Advice Service, The Pensions Advisory Service and Pension Wise and supports the public with debt, money and pension matters. It also aims to raise awareness of scams and help consumers to protect themselves. Launched in January, the government-sponsored body aims to provide a more streamlined service for individuals in need of assistance and, later this year, will introduce the first pension dashboard.
Industry experts, including Stuart Price, Partner and Actuary at Quantum Advisory, have welcomed the introduction of the SFGB. Stuart said:
“The new integrated service brings together the provision of the three previous providers offering a complete ‘one-stop’ package. I think anything that makes it easier for members of the public to access free and clear information about their personal finances is a good thing.
“It’s still early days, but I’m sure the public will embrace and appreciate the new offering.”
The SFGB will be funded by levies on the financial services industry and pension schemes. A name change for the service is expected at some point.