The Government’s free advice service will act like a “canary in the coalmine” and help guide future regulation, according to its managing director Tony Hobman.
Speaking at the Building Societies Association annual conference in Birmingham last week, Hobman said that the Money Advice Service will be able to pick up on any potential regulatory issues through its dealings with consumers.
He said: “What I would say is that the Money Advice Service, because of the way that it is going to have contact and dialogue with so many people over the years, will become part of that very good dialogue that will help to guide where regulation should be or should not be, a bit like the canary in the coalmine.”
If I Were You managing director Rob Clifford says: “There is no question that it can highlight systemic failure of either design or industry practice. However, I cannot help but think that it would be a great shame if it became the most useful barometer because it would mean that the sector had failed to spot problems.”