On 10 May 2018, the Financial Guidance and Claims Bill received Royal Assent, and became the Financial Guidance and Claims Act 2018.
The first part of the Act establishes the new single financial guidance body which will replace the Money Advice Service, the Pensions Advisory Service and Pension Wise. The new body is likely to be created by the end of 2018.
The second part of the Act amends the Financial Services and Markets Act 2000 to provide for the transfer of the regulation of claims management services from the Ministry of Justice to the Financial Conduct Authority. It also imposes a cap on the fees that claims management companies can charge for their services.