The government has revealed the new name for the Single Financial Guidance Body, which is to be known as the Money and Pensions Service.

The new service is the result of merging The Money Advice Service, The Pensions Advisory Service and Pension Wise.

Commenting, AJ Bell senior analyst Tom Selby: “The Government has dodged any potential controversy around the use of the word ‘advice’ in the name of the new guidance body by steering clear of it altogether.

"Given the negative attention this drew when the Money Advice Service first launched this feels like a sensible decision.”

Selby added that the new Money and Pensions Service will play a “vital role” in providing free, impartial guidance to people in relation to their retirement saving, ensuring that “as many people as possible” make well-informed financial decisions.

“The launch of the new, simplified guidance service provides an opportunity for the industry as a whole to renew focus on retirement communications.

"There is a growing body of behavioural research pointing to the fact the existing framework – which often sees savers bombarded with pages and pages of information – fails to improve engagement,” he said.

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