Advisory services to be reformed

The revamp of the Pension Advisory Service Pension Wise and Money Advice Service was confirmed in the Queen’s speech. Two new bodies will be created. A new pensions guidance body will combine Pension Wise the Pension Advisory Service and some pensions guidance provided by the Money Advice Service. A new money guidance body will replace the Money Advice Service.

The Low Incomes Tax Reform Group (LITRG) welcomed the development saying it would be a great opportunity to help people on low incomes.

Anthony Thomas LITRG chairman said: ‘Advice on money matters has previously been delivered in penny packets by bodies specialising in discrete areas sometimes not well integrated with other areas which can affect financial decisions. In particular the interaction with tax and benefits can have major and long-term effects often unforeseen at the time of the decision and those without professional...