Question to the HM Treasury:

To ask Her Majesty’s Government what steps they have taken towards establishing a UK-wide financial advice service.

The government set up the Money Advice Service in 2010 to enhance consumers’ understanding of their finances. Pension Wise was launched in April 2015 to help people with their defined contribution pensions. The Public Financial Guidance consultation is currently exploring how the current statutory arrangements for the provision of free and impartial financial guidance can be made more effective for consumers.

The Government also launched the Financial Advice Market Review, which aims to make sure that people can access high quality, affordable professional advice to help them make informed financial decisions. FAMR and the Public Financial Guidance Consultation will report back around Budget 2016.