Money Advice Service Update
The Single Financial Guidance Body (SFGB) will replace the 3 existing providers of government-sponsored financial guidance –
the Money Advice Service
the Pensions Advisory Service
It will bring together the provision of debt advice, money guidance and pension guidance for the first time. It's name will eventually be changed.
The new body will deliver free and impartial financial guidance and a more streamlined service to members of the public, providing easier access to the information and guidance. The SFGB became a legal entity on 1 October 2018 and took on its delivery functions from January 2019.
How Can The SFGB Help Me?
SFGB is an executive non-departmental public body, sponsored by the Department for Work and Pensions. It will have five core functions
- Pensions guidance - to provide information to the public on matters relating to workplace and personal pensions.
- Money guidance - to provide information designed to enhance people's understanding and knowledge of financial matters and day-to-day money management skills.
- Debt advice - to provide people in England with information and advice on debt.
- Consumer protection - enabling the SFGB to work with Government and the Financial Conduct Authority (FCA) in protecting consumers.
- Strategy - work with the financial services industry, devolved authorities and the public and voluntary sectors to develop a national strategy to improve people's financial capability, help them manage debt and provide financial education for children and young people.’
Can I Still Use The Money Advice Service?
The Money Advice Service website /resources will continue to be accessible as it currently stands during the transition period when the Single Financial Guidance Body starts its delivery functions from Jan 2019.