The SFGB will replace the existing providers of government-sponsored financial guidance – the Money Advice Service, the Pensions Advisory Service and Pension Wise – bringing together the provision of debt advice, money guidance and pensions guidance for the first time.

The aim is to deliver a more streamlined service. DWP expects the SFGB to be established as a legal entity in October 2018 and start preparing for its official launch in January 2019 when the body takes on its delivery functions and staff will transfer to the new organisation.

It will have five core functions: pensions guidance, money guidance, debt advice, consumer protection, and a strategic function working with others in the financial services industry, the devolved authorities, and the public and voluntary sectors to develop a national strategy to improve the financial capability of members of the public. The body will also provide advice on the establishment of a debt respite scheme.

Govett, who will take up his post in October for a four-and-a-half year term, has worked in leadership roles across the public, private and charitable sectors. His roles have included group chief executive at Ixion Holdings, a not-for-profit skills and employment group of companies, managing director of Surrey county council, Shaw Trust charity board executive and P&O Ferries commercial board director.

Govett said: ‘The key for the SFGB will be to focus on those services our customers need, with a joined-up partnership approach with the wider industry.’

Report by Pat Sweet