The Association of Professional Financial Advisers (APFA) has welcomed the UK government’s plan to restructure the delivery of public financial guidance and the creation of a new, single public financial guidance body.
The body will incorporate functions currently provided by MAS, TPAS and Pension Wise, thus ensuring that consumers can get all their financial questions answered in one place.
APFA believes the new body should provide a clearer and better referral system to regulated financial advice and deliver an improved service.
APFA is calling on the government to provide assurance that the new delivery model will be efficient and cost-effective and that all those that supported the previous bodies continue to provide funding for the new body. The burden should not fall solely on FCA regulated entities, it says.
Chris Hannant, director general of APFA, says: “We welcome the creation of this new public financial guidance body and are pleased that the proposal to merge all three bodies into a single entity has been heeded. A single guidance body will bring clarity and consistency for consumers and also generate efficiencies and cost-effectiveness.
“The funding model for the new body must be fair with contributions from all those that are likely to benefit – this should include those that are not regulated by the FCA. It will be essential that the new set-up will result in more efficient use of levy income and lead to future reductions in the cost of the new money guidance body to the financial advice community.”