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Single Financial Guidance Body Launch

Volume 651: debated on Monday 17 December 2018

The Department for Work and Pensions is launching the Single Financial Guidance Body, established under s1 of the Financial Guidance and Claims Act 2018 in January 2019. The new body will deliver money guidance, pensions guidance and debt advice to the public. However, the launch date is in advance of the Department for Work and Pensions Supplementary Estimate 2018-19. This will give the confirming authority of the Supply and Appropriation Act to this expenditure. This will not be published until February, and not authorised until mid-March. In order to continue to provide these services to the public, DWP has therefore requested a Contingencies Fund advance.

Parliamentary approval for resources of £35,000,000 for this new service has been sought in the Supplementary Estimate for the Department for Work and Pensions. Pending that approval, urgent expenditure estimated at £35,000,000 will be met by repayable cash advances from the Contingencies Fund. This sum is equivalent and no different from existing resources.

Once Royal Assent to the Supply and Appropriation Bill is achieved, the advance will be repaid.