Government-backed financial guidance body launches, combining three previous advisory services

The Money Advice Service, the Pensions Advisory Service and Pensions Wise have been pulled together to form one central financial advice service.

The Single Guidance Finance Body (SFGB), funded by levies on the financial services industry and pension schemes, launched for the new year comprising the staff of the three previous bodies.

Although not a government body as such, the SFGB is sponsored by the Department of Work and Pensions (DWP) and will work closely with the department and HM Treasury, which is responsible for its policy on financial capability and debt advice.

Chief executive John Govett said: “A new single body provides an opportunity to deliver a more streamlined service to people, providing easier access to the information and guidance they need to help them make effective financial decisions throughout their lives.”

The SFGB will be responsible for launching and providing services such as the Pensions Dashboard project, a brainchild of the DWP which intends to give savers access to their pension information for several schemes at once via an app.

All staff from the current three organisations have transferred to the organisation under a new board, chaired by Sir Hector Sants, former chief executive of the Financial Services Authority.

Keeping the same staff enables a continuity of service keeping it “business as usual” for consumers, the company said on its new website.

A new name for the SFGB will also be sought as the year progresses, the company said.

Sants said: “The new organisation has a clear mission to help everyone manage their personal finances as well as their circumstances allow across the nation.

“We are creating an organisation which is seen as transparent, accountable, effective and above all respected by all, working hand-in-hand with the industry, our staff and our partners.”