Govt to merge financial guidance bodies into one

Diverted from two-body plan

The government is to create a single guidance body for pensions, money and debt, which will replace The Pensions Advisory Service (TPAS), including Pension Wise, and the Money Advice Service (MAS).

Ministers said they wanted to make it "as easy as possible" for consumers to access financial guidance. The Treasury had been consulting on how to best shape any future guidance bodies following former Chancellor George Osborne's announcement in March that government-sponsored TPAS and MAS would be reformed and "slimmed down". It had initially been considering a two-body delivery model, which would have seen the MAS replaced by a streamlined money guidance body and TPAS and Pension Wise brought together into a new pension guidance body. However, the Treasury said industry and consu...