Government ministers today agreed to launch a single public financial advice body to replace the Money Advice Service (MAS).
The new body will offer streamlined money guidance and combine the Pensions Advisory Service (TPAS) and Pension Wise into a pension guidance body.
The economic secretary and the minister for pensions have agreed plans to develop the new service.
Simon Kirby, economic secretary to the Treasury, said: “Our government wants to give ordinary people more control over the lives, and that includes their financial security. We strongly believe that creating one public guidance body is the best way of making it as easy as possible for people to access the help they need to get their financial questions answered.”
Richard Harrington, the minister for pensions, said: “A single guidance body will be more efficient and will help consumers make the right financial decisions, and we are committed to ensuring people can access the best free and impartial financial guidance possible.”
Earlier this year the government consulted on setting up a two body delivery model for government-sponsored guidance, and announced the MAS would be replaced.