The Single Financial Guidance Body (SFGB) began its work this week as it starts to take over from previous bodies.
A new pensions body is to be created as a part of a shake up that includes creating a ‘slimmer’ Money Advice Service.
The Citizens Advice Bureau has replaced the Money Advice Service as one of the two partners to deliver the pensions guidance guarantee.
Wealth manager St James Place says that pension reforms will create retirement opportunities but retirees will need ongoing advice to avoid running out of money in retirement.
The Money Advice Service has said it is helping 30,000 consumers per week to manage their finances.
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