The FCA’s smaller business practitioner panel is seeking to gain oversight of the Money Advice Service’s annual business plan.
Speaking at a Treasury committee hearing yesterday, panel chairman Clinton Askew said the panel is in particular keen to stress industry concerns on the costs of the service.
The MAS is funded by an allocation from the annual levy collected by the FCA, and the regulator has to approve the service’s plans each year.
Askew said: “We are not an executive body, we are an advisory panel, so it would simply be an opportunity to pass comment on the fees that the MAS is putting on the industry.
“There has been some concern about the costs, and whether we as payers are getting good value for money.”
Askew added that the panel is not necessarily keen to constrain the costs of the service, but to make sure that results are clearer to those who fund it.
He said: “The general view of the industry is that we don’t mind paying the money, but we do want to see some outcomes.
“So educating the consumer is a good thing and it was beneficial to the industry to have that as an outcome, but we weren’t sure that was actually happening.”