View more on these topics

FCA business panel chair eyes MAS budget oversight

clintonaskew

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.”

Recommended

UK-Currency-Money-Pound-GBP-620x413.jpg
9

MAS director on £200k a year exits

One of the Money Advice Service’s highest paid directors who earned over £200,000 last year has quit the organisation. Lesley Robinson joined the MAS in 2011 as UK debt advice and corporate services director. She became one of its highest paid members of staff, taking home more than £200,000 in 2014/15. Robinson earned a total […]

Rookes-Caroline-MAS-2013-500x320.jpg
9

MAS: Why the Financial Capability Strategy will succeed

The Money Advice Service says its 10-year strategy to improve UK consumers’ financial capability will succeed where similar initiatives have failed. The MAS has today launched its Financial Capability Strategy which aims to improve consumers’ ability to manage money, save and deal with financial difficulties. Last month Money Marketing revealed former FSA chief executive Sir […]

Rookes-Caroline-MAS-2013-500x320.jpg
9

Caroline Rookes: The changing role of the MAS

The Money Advice Service was launched in April 2011 to enhance people’s understanding of money matters and to help them better manage their financial affairs. Although our remit is the same – with responsibilities for co-ordinating debt advice added the following year – our approach has changed significantly over the last two years. Only by […]

Rookes-Caroline-MAS-2013-500x320.jpg

MAS eyes adviser directory improvements

The Money Advice Service plans to roll out a series of improvements to the adviser directory it launched in response to the introduction of pension freedoms in April. MAS chief executive Caroline Rookes says the organisation is reviewing possible changes to the directory, which will include allowing those listed to amend their own details. She […]

Neptune launches Japan Institutional Fund

By Chris Taylor, Investment Director, Head of Research Neptune is excited to announce the launch of the Japan Institutional Fund on 22 June, having disclosed to the market in March its intention to offer the product. The Fund will be managed by the highly-regarded Chris Taylor, Head of Research and manager of the long-running Japan Opportunities Fund. It will invest in the same underlying stocks as the Japan […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. At least its a start!

  2. No….the MAS should be closed or funded by central government. There is no reason for the clients of advisers to fund advice for those that don’t want to pay.

  3. Funny how on BBC Breakfast telly Caroline Rookes gave the impression that MAS was central government funded!

  4. “The general view of the industry is that we don’t mind paying the money, but we do want to see some outcomes…..” Where is the evidence to back up this statement? I have never met one person who says they don’t mind paying for MAS. If Government want it, then let Government pay for it.

  5. I mind paying for the MAS very very much. I don’t mind paying as a taxpayer if parliament then scrutinises how the government funds are spent. However, the MAS has nothing at all to do with me as a Financial Adviser, and I do NOT want to pay a penny to this organisation, particularly given the views expressed by its head.

Leave a comment