Emma RadmoreThe Treasury has issued a consultation on proposals to establish a single advisory body to replace, and bridge perceived gaps between, the Money Advice Service, the Pensions Advisory Service and ‘Pension Wise’ guidance form the Department of Work and Pensions.
The new statutory body will bring together pensions guidance, money guidance and debt advice, and will have a strategic function and legislative remit to ensue that the market understands and meets consumer demand and delivers value for money.
The consultation seeks views on how this body might effectively be structured and targeted, and also whether there are any particular difficulties in relation to public financial guidance for consumers in vulnerable circumstances.
The creation of the body is subject to approval, but it is anticipated that it will be launched by Autumn 2018 at the earliest.