PensionsJan 3 2019

New guidance body officially launches

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New guidance body officially launches

The new government guidance body, merging three existing organisations, has officially been launched this week.

The staff from the Money Advice Service, The Pensions Advisory Service and Pensions Wise have all been transferred to the Single Guidance Finance Body (SGFB) under the new board and leadership team, led by chief executive John Govett.

This enables a continuity of service keeping it "business as usual" for consumers, the SGFB stated on its new website.

During this year, a new name will be sought for the SFGB, while a new outreach strategy will also be developed, which will include a new integrated service offer and enhanced partnership working with the wider industry, employers and key stakeholders, the website stated.

The complete management board has also been announced, with Helen John appointed as chief financial officer, on secondment from the Department for Work & Pensions (DWP), and Sat Bains named chief operating officer, after completing several interim roles with high tech start-up businesses.

Bob McNinch was appointed as director of digital, marketing and IT, having previously worked in similar roles at BT and Vodafone, and Steve Merion has been named interim people, skills and culture director, having previously worked as HR director at Barclays.

Sarah Poretta was named director of strategy and insight, joining from the Money Advise Service, while Caroline Siarkiewicz was appointed partnerships and commissioning director, transitioning from head of UK debt advise at the Money Advise Service.

The SFGB is funded by levies on both the financial services industry and pension schemes. The new body is sponsored by the DWP, but will also engage with HM Treasury, which is responsible for policy on financial capability and debt advice, it said.

According to Sir Hector Sants, SFGB chairman, the new organisation “has a clear mission to help everyone manage their personal finances as well as their circumstances allow across the nation”.

He said: “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."

Mr Govett added: "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.”

FTAdviser reported last month that DWP had to borrow £35m from the UK contingencies fund to launch the new guidance body.

maria.espadinha@ft.com