Part 1: Financial Guidance Etc Establishment of the single financial guidance body Section 1: The single financial guidance body
Subsection (1) establishes a new non-departmental public body, which will be referred to as the single financial guidance body until it is named.
	Subsection (2) introduces Schedule 1 which contains further provisions regarding the governance and accountability of the body.
	Subsection (3) gives the Secretary of State the power to make regulations to name the body.
	Subsection (4) allows the regulations that name the body to replace ‘single financial guidance body’ with the actual name of the body in Part 1 of the Act and in Acts amended by Part 1.
	Subsection (5) requires that power to make these regulations is exercisable by statutory instrument under the negative resolution procedure.
	Subsection (6) dissolves the consumer financial education body, which is also known as the Money Advice Service.
	Subsection (7) introduces Schedule 2 which makes provision for the transfer of staff, property, rights and liabilities firstly from the Secretary of State and the Pensions Advisory Service to the single financial guidance body; and secondly from the consumer financial education body, which is also known as the Money Advice Service, to the single financial guidance body and the devolved authorities. Such transfers are effected by a ‘transfer scheme’.