The following Financial Services practice note provides comprehensive and up to date legal information covering:
The Money and Pensions Service (MPS) was set up by the government to enhance the understanding and knowledge of the public regarding financial matters. The legislative framework for the MPS is set out in the Financial Guidance and Claims Act 2018 (FGCA 2018), which received Royal Assent on 10 May 2018. The MPS replaced the Money Advice Service (MAS), the Pensions Advisory Service (TPAS) and the Department for Work and Pensions’ ‘pension wise’ guidance. The MPS provides and commissions pensions guidance, money guidance and debt advice.
This Practice Note looks at the background leading to the establishment of the MPS, as well as its objectives and functions.
On 12 October 2015, HM Treasury launched a consultation which aimed to consider how the government should structure the public provision of free-to-client, impartial financial guidance (public financial guidance) in order provide a complementary and comprehensive analysis of the advice landscape. In particular, it sought to look at the structure of, and services provided, by MAS, TPAS and Pension Wise.
The government wanted to explore how public financial guidance for consumers could be better targeted, delivered and funded. The government also believed that statutory or funding intervention in the guidance market should be targeted directly towards meeting consumer need, and should complement intervention which is available from
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