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HM Treasury consultation on public financial guidance proposals

CII-PFS Policy Briefing

As part of his 2016 Budget Statement, the Chancellor announced the demise of the Money Advice Service, and published a consultation restructuring the delivery of public financial guidance.

This decision follows a Treasury consultation that closed in December 2015 on the future of public financial guidance delivery. It follows a debate which has been going on for years over the need for such a service, whether unregulated guidance is even practical for consumers, and who should deliver it.

Notably on the latter point, the Thoresen Review in 2008 had always intended any new organisation to be strategic in nature rather than delivery-orientated, and should work with existing bodies on delivery of services.

The Treasury is now consulting on the creation of two new organisations:

  • A new pensions guidance body will take on and extend the services offered by The Pensions Advisory Service (TPAS) and Pension Wise and the pensions services offered by the Money Advice Service. Its objective would be to make sure that consumers can get all their pensions questions answered in one place, including questions on the pension freedoms.
  • A new guidance coordinating body to replace the Money Advice Service. This would be strategic in nature, would work with existing bodies that would take forward the actual delivery of services, and not be publicly branded.

Next Steps:

The consultation closes on 8 June 2016, with a view to a final decision published in the autumn.

The new bodies would require legislative changes which the Government believes will take 6-12 months, and allowing for a reasonable transition period, the new bodies would be live by April 2018.

Pdf icon small  View the attached briefing »

Related documents:

CII response: HM Treasury public financial guidance consultation (Dec 2015)

CII-PFS policy briefing: Financial Advice Market Review and public financial guidance consultation (Oct 2015)

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