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.
Latest News
NEW BUILD IN FOCUS - NEW EPISODE OF THE MORTGAGE INSIDER PODCAST, OUT NOW
Figures from the National House-Building Council saw Q1 2025 register a 36% increase in new homes built across the UK compared with the same period last year, representing a striking development for the first-time buyer market. But with the higher cost of building, ongoing planning challenges and new and changing regulations, how sustainable is this growth? And what does it mean for brokers?
The role of the bridging market and technology usage in the industry
Content editor, Dan McGrath, sat down with chief operating officer at Black & White Bridging, Damien Druce, and head of development finance at Empire Global Finance, Pete Williams, to explore the role of the bridging sector, the role of AI across the industry and how the property market has fared in the Labour Government’s first year in office.
Does the North-South divide still exist in the UK housing market?
What do the most expensive parts of the country reveal about shifting demand? And why is the Manchester housing market now outperforming many southern counterparts?
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance, to explore how regional trends are redefining the UK housing, mortgage and buy-to-let markets.
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories