The government has confirmed the new Single Financial Guidance Body will be called the Money and Pensions Service.
Last month Money Marketing reported the guidance body would be rebranding.
In a document signed by pensions minister Guy Opperman and brought before parliament today, it states the new name will come into effect at the beginning of the new financial year, 6 April.
The body launched last year as a combined entity to replace the Money Advice Service, Pensions Wise and the Pensions Advisory Service.
It is expected the Money and Pension Service, under chief executive John Govett, will make guidance more efficient by bringing pensions and debt advice into the one service. It also aims to increase awareness of issues like scams and the limits to the Financial Services Compensation Scheme’s coverage.
Money Marketing reported on FCA discussions last June in which the watchdog said the body should prioritise direct communication with consumers about available protection.
FCA-regulated firms will continue funding the cost of pensions guidance and debt advice through a new levy to be administered by the SFGB.
This will replace separate MAS and Pensions Wise levies for the 2019/2020 year.
Aegon comments that christening the body the Money and Pensions Service is a good move from the Department for Work and Pensions. Aegon pensions director Steven Cameron says:
“We’re pleased that its new name, the Money and Pensions Service, avoids using the word ‘advice’ which should help individuals recognise the difference between the guidance it will offer and the advice they can obtain from professional regulated advisers. An abbreviation to MAPS, with its inference of setting direction, could well be on the cards.”
Cameron believes the next step will be for the Money and Pensions Service to ensure people get the right guidance by replacing current signposts to existing guidance services with a single one to the new body.