My honourable Friend the Parliamentary Under Secretary of State for Pensions & Financial Inclusion (Guy Opperman MP) has made the following Written Statement
The Financial Guidance and Claims Bill currently before Parliament provides for an arms-length non-departmental public body, known as the Single Finance Guidance Body, to take on the functions currently delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise.
Our intention, subject to Parliamentary approval, is to launch the new body in autumn 2018. In order to avoid delay in the launch, expenditure is required in advance of the Bill receiving Royal Assent to cover the costs associated with the commencement of the recruitment of the Chair and Chief Executive of the body, including the staffing costs of the DWP Public Appointments Team, any media advertising, and miscellaneous administration costs. Advertising for the posts will be clear that the roles are dependent on the successful passage of the Bill through Parliament.
Parliamentary approval for resources of £ 30,000 for this new service will be sought in a Supplementary Estimate for the Department of Work and Pensions. Pending that approval, urgent expenditure estimated at £ 30,000 will be met by repayable cash advance from the Contingencies Fund.
This statement has also been made in the House of Commons