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Michael Browne

Single body to advise public on pensions and debt

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A new financial guidance service to provide advice on pensions, managing debts and other money issues is to be created by the government.


It will replace the heavily criticised Money Advice Service (MAS) as well as two pension advice services.


The government thinks a single advisory body will be more efficient but has yet to decide how the new service will actually work.


The abolition of the MAS was announced in the Budget in March.


It was criticised for failing to help those who needed it most and paying its staff too much.

No timetable


Like the MAS, the new organisation will be paid for by a levy on financial services companies.


The new body will also take on the roles of the Pensions Advisory Service, and Pension Wise - an organisation set up in response to pension reforms introduced in 2015.


The government looked at setting up two bodies to replace the MAS and pensions services. But industry and consumer finance groups raised concerns over how they would work together effectively.


The new body as yet has no name and there is no timetable for its creation.





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