PART 1Financial Guidance etc
Establishment of the single financial guidance body
1The single financial guidance body
1
A body corporate with functions relating to financial guidance is established (the “single financial guidance body”).
2
Schedule 1 makes further provision about the single financial guidance body.
3
The name of the new body is to be determined by regulations made by the Secretary of State.
4
The regulations may—
a
amend any provision of this Part, or of any Act amended by this Part, so as to replace the words “single financial guidance body” with the name of the body;
b
make incidental, supplementary and consequential provision.
5
The power to make regulations under subsection (3) is exercisable by statutory instrument; and an instrument containing such regulations is subject to annulment in pursuance of a resolution of either House of Parliament.
6
The consumer financial education body is dissolved.
7
Schedule 2 makes provision about schemes for the transfer of staff, property, rights and liabilities—
a
from the Secretary of State and the Pensions Advisory Service Limited to the single financial guidance body;
b
from the consumer financial education body to the single financial guidance body and the devolved authorities.