Public Financial Guidance
In a response to the Government’s consultation to a new Public Financial Guidance service, LITRG has welcomed in principle the proposed abolition of the Money Advice Service and merging the functions of the Pensions Advisory Service with Pension Wise.
There is a clear need for a unified and co-ordinated service providing the average consumer, who cannot afford normal professional consultants’ fees, with advice of high and reliable quality on matters affecting their finances, debts and pensions. At present such free-at point-of-use services are fragmented, only able to advise from their particular standpoint, and unable to pass clients seamlessly to appropriate specialist agencies.
LITRG has advocated that an overseeing arm’s length agency co-ordinating and distributing funding to frontline agencies, both voluntary and statutory, replaces the current unsatisfactory system, monitors the quality of the service they deliver and makes sure that smooth and effortless handovers take place between the different specialists. Thereby a simple-to-operate service will be made available for those who lack professional support through major decisions during their lifetime.
LITRG’s comments can be found here.