Response to HM Treasury and DWP’s public financial guidance review: consultation on a single body

Toynbee Hall’s response to the government’s consultation on proposals to create a single body providing debt advice, money guidance and pensions information and guidance.

In 2016 the government proposed to replace the Money Advice Service with a new money guidance body and to bring together the Pensions Advisory Service and DWP’s “Pension Wise” guidance into a new pensions guidance body. These plans were designed to reduce duplication in the provision of public financial guidance. Following a public review, the government decided that a single body would be better able to respond to the different financial guidance needs of consumers.

Toynbee Hall strongly welcomes the decision to create a single financial guidance body; in our community debt advice and financial capability work, we see how decisions with cradle-to-grave implications are made on a daily basis with little knowledge or support. We therefore warmly welcome the vision set out in the consultation document, which recognises that people need relevant and timely financial guidance and advice that takes into account their immediate and whole lifetime needs, and facilitates that support provision in a meaningful, accessible way.

We also wish to see the SFGB be given a role in providing feedback, through the regulators, to the financial services sector on how to create financial services and products which enhance and maximise the effectiveness of consumers’ financial capability.