Replacing the Money Advice Service, a new government body will provide financial advice on pensions, debt and other money issues.
The Money Advice Service (MAS) was scrapped by the government in the March Budget, but now a new, free organisation will take its place. The Pensions Advisory Service and Pension Wise will also be merged with the MAS to form the new service, which will deliver advice on pensions, debt and other financial issues that many people face. The aim is to ensure the organisation is accessible to those who need it most, as well as being as efficient as possible. There is not yet a name or scheduled date for launch of the organisation.
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."
In-Depth Pensions Advice
Research which led to the formation of the MAS in 2010 showed that 19 million people in the UK would benefit from generic financial advice. It is clear that there is a need for this type of free service, as it provides basic guidance and entry level assistance to those who would not have access to it otherwise. There is also a need for more tailored and in-depth financial advice to help people maximise returns on investments and make their pensions stretch further. If you would like to talk to one of our experienced advisers, you can get in touch with us here.