The Single Financial Guidance Body (SFGB) began its work this week as it starts to take over from previous bodies.

The SFGB will bring together the services currently delivered by the Money Advice Service, the Pensions Advisory Service and Pension Wise.

The organisation’s new website is now up and running and says the new service will be “bringing together for the first time the provision of debt advice, money guidance and pensions guidance.”

The SFGB is funded by levies on both the financial services industry and pension schemes.

The new body is sponsored by the Department for Work and Pensions, but will also engage with the Treasury, which is responsible for policy on financial capability and debt advice.

Sir Hector Sants, SFGB chairman, said: “The new organisation has a clear mission to help everyone manage their personal finances as well as their circumstances allow across the nation.

“We are creating an organisation which is seen as transparent, accountable, effective and above all respected by all, working hand-in-hand with the industry, our staff and our partners.”

Chief executive, John Govett, added: “A new single body provides an opportunity to deliver a more streamlined service to people, providing easier access to the information and guidance they need to help them make effective financial decisions throughout their lives.”

The SFGB became a legal entity on 1 October but only started taking on its delivery functions from this week.