The Association of Independent Financial Advisers has raised concerns about the Money Advice Service’s funding model and its accountability.
Last week, Aifa submitted evidence to the Treasury select committee’s inquiry into the Money Advice Service, which questioned whether the MAS was meeting its objectives.
In March, the TSC announced it would look into the MAS’s expenditure on staff and the appropriateness of the service, which is funded by a levy on financial services firms.
Aifa policy director Chris Hannant says: “We have yet to see evidence that the MAS is meeting its objectives and we are unconvinced that a predominantly online service will achieve the necessary behavior change in the public’s approach to finance. They have a blank cheque from the finance sector without any accountability to it.”