The Single Financial Guidance Body has officially been renamed the Money and Pensions Service, neatly avoiding any potential pitfalls around the word advice.
Announced in October 2016, it brings together Pension Wise, the Money Advice Service and the Pensions Advisory Service.
The use of the word ‘advice’ has been contentious, as some have argued that it blurs the line between guidance and advice – something the government and industry are keen to clarify.
Mapping the way
Steven Cameron, pensions director at Aegon, said bringing the three bodies together “should make it easier for individuals to access guidance on a range of financial topics”.
“We’re pleased that its new name, the Money and Pensions Service, avoids using the word ‘advice’, which should help individuals recognise the difference between the guidance it will offer and the advice they can obtain from professional regulated advisers.
“An abbreviation to Maps, with its inference of setting direction, could well be on the cards.”
This statement was echoed by Tom Selby, senior analyst at AJ Bell, who said “the government has dodged any potential controversy”.
“Given the negative attention this drew when the Monday Advice Service first launched, this feels like a sensible decision.”
