The government will replace the statutory guidance providers, the Money Advice Service (MAS), The Pensions Advisory Service (TPAS) and Pension Wise, with new bodies following a further review.
The Treasury said it will introduce a new pensions guidance body and a new, slimmed-down money guidance body in their place. The bodies will be funded by a levy on the financial services and pensions sectors, with the Financial Conduct Authority collecting the fees for the money body and parts of the fees for its pensions equivalent, and The Pensions Regulator collecting the rest. The government outlined its views in a proposal for consultation published today. Budget documents, also out today, said: "The government will restructure the statutory financial guidance providers to ens...
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