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Financial Guidance and Claims Act 2018

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Establishment of the single financial guidance body

1The single financial guidance body

(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.

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