Single Financial Guidance Body goes live

Written by Jack Gray
03/01/2019

The government's Single Financial Guidance Body (SFGB) went live on 1 January 2019, aiming to consolidate government-sponsored financial guidance.

Key appointments have also been announced, Bob McNinch joins as director of digital, marketing and IT, having previously working in similar roles at BT and Vodafone, while Sarah Poretta has become director of strategy and insight from her role at the Money Advice Service.

Steve Merion has been appointed interim people, skills and culture director, having previously worked as HR director at Barclays, and Caroline Siarkiewicz takes the role of partnerships and commissioning director from being head of UK debt advise at the Money Advice Service.

In 2019, a new name will be sought for the SFGB. Additionally, it will aim to develop a new outreach strategy, which will include a new integrated service offer and “enhanced partnership working” with the financial industry, employers and key stakeholders.

All staff from the three consolidated organisations have been transferred to the SFGB.

The SFGB creates one organisation from thee 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.

SFGB chief executive, John Govett said: "A new single body provides an opportunity to deliver a more streamlined service to people, providing easier access to the information and guidance they need to help them make effective financial decisions throughout their lives."

The newly formed body has five “core functions”: pensions guidance, money guidance, debt advice, customer protection and strategy, which involves working with the financial services industry to improve peoples financial capability and education.

SFGB chairman, Sir Hector Sants added: "The new organisation has a clear mission to help everyone manage their personal finances as well as their circumstances allow across the nation.

“We are creating an organisation which is seen as transparent, accountable, effective and above all respected by all, working hand-in-hand with the industry, our staff and our partners."

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