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Peer2Peer Finance News | October 20, 2017

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Government seeks views on new financial advice portal

Government seeks views on new financial advice portal
Suzie Neuwirth

THE GOVERNMENT is seeking views on a single financial guidance body that will help consumers make decisions on their debt, money and pensions.

The organisation, which will launch after autumn 2018, will replace the Money Advice Service (MAS) as well as the Pensions Advisory Service (TPAS) and Pension Wise, combining all three services.

As Peer-to-Peer Finance News previously reported, the new financial advice body was flagged back in October, although this is the first time that a time frame has been indicated.

“We want to help people take charge of their finances, and make the financial decisions that are right for them,” said Simon Kirby, economic secretary to the Treasury. “This new body will ensure that help is readily available for people who need to access debt advice, information on their pensions or guidance on other money matters.”

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“We want to ensure that everyone has access to high quality and impartial financial guidance, to help them make the most of their hard-earned savings,” said pensions minister Richard Harrington. “This new single body will be a place people can go for free, impartial financial guidance, and I look forward to hearing people’s views on our proposals.”

The single financial guidance body will provide debt advice; information on pensions and planning for retirement; information to help consumers avoid financial scams; guidance on wider money matters and co-ordination of financial education programmes for younger people.

The consultation launched on Monday and runs until Monday 13 February 2017. The government encourages submissions from all interested stakeholders.