The work and pensions secretary has said former Financial Services Authority chief executive Sir Hector Sants will bring "vast experience and knowledge" to the role of chairman of the new government financial guidance body, and confirmed he will take up the position in October.
The Department for Work & Pensions confirmed he will take up the role on Wednesday 3 October, giving the first indication of when the body might come into existence.
The government had only previously said the single financial guidance body, which has yet to be given a name, would be launched in the autumn at the earliest.
It emerged Sir Hector had been named as chairman of the guidance body yesterday after he was listed as such in a job advert for the position of non-executive director on the body's board.
Esther McVey, the Work and Pensions Secretary, said Sir Hector would play a "pivotal role" and lead on improving financial capability across Great Britain.
She said: "Sir Hector brings with him vast experience and knowledge from across a range of private and third sector organisations, including how best to support people with problem debt and build wider financial capability. I and my department look forward to working with him."
The plans for a single financial guidance body were announced by George Osborne, the previous chancellor of the Exchequer, in 2015 to create a more "joined-up approach".
It will bring together the functions of the Money Advice Service, The Pensions Advisory Service and Pension Wise into a single body.
The bill creating the body has only recently completed its progress through Parliament.
Sir Hector said: "This is an important leadership role with two key challenges. In the short-term the dissolution of the three existing government sponsored guidance providers and the transition to a single financial guidance body, longer term the new organisation has the opportunity to materially help people better manage their money and in consequence enhance their well-being.
"I look forward to working with the new board and the executive team to take forward this exciting and important mandate."
Sir Hector was chief executive of the FSA between 2007 and 2012, during which time he oversaw the implementation of the Retail Distribution Review.
He famously said he wanted those regulated by the FSA to be "very afraid" of the watchdog.
Since leaving the FSA Sir Hector has been chairman of StepChange debt charity and vice chairman of international management consultancy firm Oliver Wyman.
Charles Counsell, chief executive of the Money Advice Service, said: "Sir Hector's experience across the financial services sector, his passion for improving financial capability, and his commitment to the provision of quality debt advice will be invaluable to the new body.
"We look forward to working with him as we transition to the new SFGB, continuing to support the financial capability strategy and our customers throughout the UK."
damian.fantato@ft.com
