Shake-up to money advice services will bring them under one body

Publicly funded financial advice is to be brought under the remit of a single organisation, the Government has announced.

Debt advice, pension and money guidance will be brought together under one body, which may also take on a strategic role in working with the charity sector and financial services to help meet consumer need.

Economic Secretary to the Treasury Simon Kirby, said: "We want to help people take charge of their finances, and make the financial decisions that are right for them.

"This new body will ensure that help is readily available for people who need to access debt advice, information on their pensions or guidance on other money matters."

Pensions Minister Richard Harrington said: "We want to ensure that everyone has access to high quality and impartial financial guidance, to help them make the most of their hard-earned savings.

"This new single body will be a place people can go for free, impartial financial guidance and I look forward to hearing people's views on our proposals."

The Government is now seeking views in a consultation on a single financial guidance body, with the aim of putting it in place by autumn 2018.

The Money Advice Service, Pension Advice Service and Pension Wise will operate as normal until then.