SFGB to be ‘more than the sum of its parts’, CEO says

The Single Financial Guidance Body (SFGB) CEO, John Govett, has written to the Work and Pensions Committee outlining how the body will be developing its corporate strategy for the coming years.

In the letter to the Committee chair, Frank Field, dated 31 January, Govett outlined how SFGB will work with both The Pensions Regulator (TPR) and the Financial Conduct Authority (FCA) “in a coordinated way” to build on the Caroline Rookes’ report into communications to the British Steel Pension Scheme (BSPS).

The SFGB went live on 1 January, following the Royal Assent of the Financial Guidance and Claims Act, bringing together the Money Advice Service, The Pensions Advisory Service and Pension Wise.

Govett said: “With the transition of three different guidance services into the SFGB completed, my first task is to work with current stakeholders to define a clear and purposeful strategy for the coming years. I am committed to an SFGB that will achieve more than the sum of its parts.”

Rookes’, who was investigating whether members of the BSPS were sufficiently communicated with and supported by trustees and public bodies during the scheme’s “restructuring exercise” in 2017-18, suggested a serious of changes to ensure pensions restructuring is clearer and simpler in the future.

“In defining our strategy, we will work closely with TPR and FCA to take on and respond to the recommendations of the Rookes review on intervening earlier and improving the effectiveness of communications to consumers and employers,” Govett said.

He added that SFGB would be using its upcoming consultation on the body’s first corporate strategy to “understand the most effective role for the SFGB”.

Speaking at the PLSA Annual Chair's Dinner last week, SFGB chairman Sir Hector Sants stated that the SFGB has decided on a new name, but its unveiling is being held up in Parliament because of Brexit.

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