The Single Financial Guidance Body (SFGB) has decided on a new name, but its unveiling is being held up in Parliament because of Brexit.
Speaking at the PLSA Annual Chair's Dinner last night, SFGB chairman Sir Hector Sants stated that the name has to be subject to parliamentary approval, so any reveal prior to approval runs the risk of being in contempt of Parliament.
However, Parliament has a few more things, in the shape of Brexit, to be getting on with, holding up the name's approval, he explained.
According to Sants, the new one-word name would be "snappier" than its current moniker.
He highlighted the importance of the SFGB to work with the industry and not to be seen as a competitor in any way.
“In essence the SFGB is to empower and equip individuals to work with the industry to reach the right decision for their circumstances,” Sants said.
Central to this will be a clear understanding of the SFGB role, he added.
Sants stated that the SFGB's first objective is to help individuals with financial matters, with its second aim to work with the industry to help restore trust in the system.
The issue of restoring trust is critical, but the industry's service must justify this trust, Sants said. “But the industry should expect us to help change the course of public discourse when it is merited," he added.
Despite its official name delay, the SFGB went live on 1 January 2019. It is the formation of one organisation from three existing advice providers, the Money Advice Service, the Pensions Advisory Service and Pension Wise.
It is funded by levies on the financial services industry and pension schemes and is sponsored by the Department for Work and Pensions, while also engaging with the Treasury.
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