The Financial Guidance and Claims Bill was announced as part of the Queen’s Speech last month (June 2017).
This Bill sets out the Government’s intention to ensure that consumers have a more joined up offering across money guidance and pensions advice through the creation of a Single Financial Guidance Body (SFGB).
The new Body is expected to be in operation from Autumn 2018, at the earliest. In the meantime, MALG member the Money Advice Service will continue to focus its efforts on working with, and through, partners to deliver its existing services so that it can help people to make the most of their money.
The Money Advice Service will of course be working closely with the DWP, HMT, TPAS and Pension Wise, alongside the devolved nations, using the good relationships it already has through country managers in Northern Ireland, Scotland and Wales, to enable the SFGB to successfully deliver its objectives from day one.
The Bill has now been introduced into the House of Lords. You can watch the second debate of the Bill in the House of Lords here, read about the Financial Guidance and Claims Bill here and view the Financial Guidance and Claims Bill Explanatory Notes here.