The government has introduced two new online services, aimed at helping everyone get to grips with their finances.
A new ‘mid-life MOT’ website launched in February 2019¹. This aims to help people understand whether they are saving enough for retirement and what they can do to make sure they are prepared for the future in terms of their job, money and health. The site provides links to further information on all three topics.
Three government-sponsored services offering financial guidance have also been merged into a single online service. The Money Advice Service, The Pensions Advisory Service and Pension Wise will now join forces under a single brand, which will be known as the Money and Pensions Service (MAPS).
The merger started to take place at the beginning of 2019 under the name of the Single Financial Guidance Body (SFGB)². However approval for the change was delayed by other government business, such as the Brexit negotiations. Parliamentary approval was finally granted on 4 March, and the new name will take effect from the 6 April. Until 6 April, MAPS will continue to be known as SFGB.
MAPS will offer information, tools and guidance on a wide range of financial topics, from managing debt and how to budget, through to tax management and pensions options. It’s free for anyone to use and is a great source of information and help, both in its own right and to provide background information prior to seeking regulated financial advice.
And when you do need to seek professional financial advice, you know where to come! At Brunsdon we are specialists in all aspects of wealth management, pensions and financial planning. Please do not hesitate to speak to a Brunsdon Financial Adviser if you need help or advice.
Please note that this information is for guidance only and does not constitute personal advice. Brunsdon is not responsible for the content of third party websites.