Financial Guidance and Claims Act 2018 (c. 10)

(1) A body corporate with functions relating to financial guidance is established (the “single financial guidance body”). (2) Schedule 1 makes further provision about the single financial guidance body. (3) The name of the new body is to be determined by regulations made by the Secretary of State. (4) The regulations may— (a) amend any provision of this Part, or of any Act amended by this Part, so as to replace the words “single financial guidance body” with the name of the body; (b) make incidental, supplementary and consequential provision. (5) The power to make regulations under subsection (3) is exercisable by statutory instrument; and an instrument containing such regulations is subject to annulment in pursuance of a resolution of either House of Parliament. (6) The consumer financial education body is dissolved. (7) Schedule 2 makes provision about schemes for the transfer of staff, property, rights and liabilities— (a) from the Secretary of State and the Pensions Advisory Service Limited to the single financial guidance body; (b) from the consumer financial education body to the single financial guidance body and the devolved authorities. Commencement Information I1 S. 1(1)-(5)(7) in force at 1.10.2018 by S.I. 2018/1029 , reg. 2(a) I2 S. 1(6) in force at 6.4.2021 by S.I. 2021/433 , reg. 2(a)

(1) The objectives of the single financial guidance body are— (a) to improve the ability of members of the public to make informed financial decisions, (b) to support the provision of information, guidance and advice in areas where it is lacking, (c) to secure that information, guidance and advice is provided to members of the public in the clearest and most cost-effective way (including having regard to information provided by other organisations), (d) to ensure that information, guidance and advice is available to those most in need of it (and to allocate its resources accordingly), bearing in mind in particular the needs of people in vulnerable circumstances, and (e) to work closely with the devolved authorities as regards the provision of information, guidance and advice to members of the public in Scotland, Wales and Northern Ireland. (2) The single financial guidance body must have regard to its objectives when it exercises its functions. (3) In this section “ information, guidance and advice ” means— (a) information and guidance on matters relating to occupational and personal pensions, (b) information and advice on debt, and (c) information and guidance designed to enhance people's understanding and knowledge of financial matters and their ability to manage their own financial affairs. Commencement Information I3 S. 2 in force at 1.10.2018 by S.I. 2018/1029 , reg. 2(b)