Your IndustryOct 18 2018

Nest's former chief joins board of guidance body

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Nest's former chief joins board of guidance body

Three people have been appointed to sit on the board of the single financial guidance body.

The body will be launched in January to replace the Money Advice Service, the Pensions Advisory Service and Pension Wise.

Ahead of its launch the Department for Work & Pensions has appointed Tim Jones, the former chief executive of the National Employment Savings Trust (Nest) to its board as a non-executive director.

It has also appointed Elaine Kempson, emeritus professor of personal finance at the University of Bristol, and Moray McDonald, managing director for products at the Royal Bank of Scotland.

Pensions minister Guy Opperman said: "It’s great news for the new single financial guidance body to have Tim Jones, Professor Elaine Kempson and Moray McDonald on its board.

"They bring a wealth of skills and experience that will help the new organisation and its leadership to deliver a quality, streamlined service under one roof, giving people the guidance and support they need to make informed choices."

The appointments follow the earlier announcements of Sir Hector Sants as chairman of the guidance body and John Govett as chief executive.

Sir Hector said: "I am delighted to welcome Elaine, Moray and Tim to the [...] board. With their appointment we have the requisite board skills and a good blend of continuity and fresh perspectives for the initial phase of setting up the new organisation."

The plans for a single financial guidance body were announced by George Osborne, the previous chancellor, in 2015 to create a more "joined-up approach".

The body was originally planned to launch in autumn this year but this has now been pushed back to January 2019.

One of the single guidance body's predecessors - the Money Advice Service - faced strong criticism for its spending habits.

Set up in 2010, it was funded by a statutory levy on the financial services industry, which many advisers felt was a waste of their money, arguing the help it offered consumers with budgeting and choosing financial products was already available from charities or private sector websites.

It was denounced by MPs in a hard-hitting report in 2013 as “not fit for purpose” after it awarded what they alleged was “excessive pay” to its senior staff.

Mas spent more than £100m on developing and promoting its website, according to an independent review of the service carried out by financial policy veteran Christine Farnish, published last March.

Former chief executive Tom Hobman was paid £350,000 a year, before he resigned in 2012.

damian.fantato@ft.com