The government’s newly-launched Single Financial Guidance Body will re-brand with a new name, Money Marketing can confirm.
The body, which launched last year as a combined entity to replace the Money Advice Service, Pensions Wise and the Pensions Advisory Service, will be renamed in the next few months.
Money Marketing understands the body will also publicly outline its specific remit following the name change.
The launch of the long-awaited SFGB under inaugural chief executive John Govett is expected to make guidance more efficient by rolling pensions and debt advice under one roof, while also boosting awareness of issues like scams and the limits to the Financial Services Compensation Scheme’s coverage.
Money Marketing reported on FCA discussions last June in which the watchdog said the body should prioritise direct communication with consumers about available protection.
FCA-regulated firms will continue funding the cost of pensions guidance and debt advice through a new levy to be administered by the SFGB.
This will replace separate MAS and Pensions Wise levies for the 2019/2020 year.
The FCA outlined the levy plans in a November consultation paper which is due to be followed up with feedback and a policy statement next month.