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FCA business panel chair eyes MAS budget oversight


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.”



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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.

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