Moved by
Lord Stevenson of Balmacara
21: Clause 2, leave out clause 2 and insert the following new clause—
“Objectives and functions
(1) The objectives of the single financial guidance body are—
(a) to improve the ability of members of the public to make informed financial decisions,
(b) to support the provision of information, guidance and advice in areas where it is lacking,
(c) to secure that information, guidance and advice are provided to members of the public in the clearest and most cost-effective way (including having regard to information provided by other organisations),
(d) to ensure that information, guidance and advice are available to those most in need of them (and to allocate its resources accordingly), and
(e) to work closely with the devolved authorities as regards the provision of information, guidance and advice to members of the public in Scotland, Wales and Northern Ireland.
(2) The single financial guidance body must have regard to its objectives when it exercises its functions.
(3) The single financial guidance body has the following functions—
(a) the pensions guidance function;
(b) the debt advice function;
(c) the money guidance function;
(d) the strategic function.
(4) The pensions guidance function is to provide, to members of the public, free and impartial information and guidance on matters relating to occupational and personal pensions.
(5) The debt advice function is to provide, to members of the public in England, free and impartial information and advice on debt.
(6) The money guidance function is to provide, to members of the public, free and impartial information and guidance designed to enhance people’s understanding and knowledge of financial matters and their ability to manage their own financial affairs.
(7) Where the single financial guidance body provides information, guidance or advice to a person in pursuance of one of the functions mentioned in subsection (3)(a) to (c), it must consider whether the person would benefit from receiving information, guidance or advice in pursuance of any other of those functions and the single financial guidance body must ensure that, where information, guidance or advice is provided on its behalf by an SFGB delivery partner, the SFGB delivery partner is under a duty to do the same.
(8) The strategic function is to develop and co-ordinate a national strategy to improve—
(a) the financial capability of members of the public,
(b) the ability of members of the public to manage their debts, and
(c) the provision of financial education.
(9) In developing the national strategy, the single financial guidance body must work with others, such as those in the financial services industry, the devolved authorities and the public and voluntary sectors.
(10) The single financial guidance body also has the function of providing advice and assistance to the Secretary of State on matters relating to the functions listed in subsection (3).
(11) The single financial guidance body may do anything that is incidental or conducive to the exercise of its functions.
(12) In this section “the devolved authorities” means—
(a) the Scottish Ministers,
(b) the Welsh Ministers, and
(c) the Department for Communities in Northern Ireland.”