The Money Advice Service (MAS) is set to be replaced by a new financial guidance service, the Government has announced.
The new service will also replace the Pensions Advisory Service (TPAS) and Pension Wise, and will provide consumers with pension advice.
The Government had considered creating two separate bodies to replace the MAS and other pension services.
However, industry and consumer finance groups raised concerns over how the bodies would work together.
Simon Kirby, Economic Secretary to the Treasury, commented: ‘Our Government wants to give ordinary people more control over their lives, and that includes their financial security. We strongly believe that creating one public body is the best way of making it as easy as possible for people to access the help they need to get their financial questions answered.’
The new service, which will offer debt and money advice alongside pension information, is currently nameless, and a timetable for introducing the body has not yet been given.
The Government intends to consult on the best way to design a model for the service.