View more on these topics

Govt commits to MAS review by 2015 and NAO scrutiny

Sajid Javid 480

The Government has pledged to carry out a thorough review of whether the Money Advice Service is delivering on its objectives by the end of this Parliament and to bring the service under the scope of the National Audit Office.

Speaking at a Treasury sub-committee MAS inquiry today, economic secretary to the Treasury Sajid Javid told MPs that while he believes the FSA does have the powers to sufficiently challenge MAS, there was a need to ensure it was delivering the service it was set up to deliver.

He said: “The issue of a review is important because it is an organisation that has only been around for a couple of years, it is entering a new space, and any new organisation will have teething problems and issues. But it is important for the Government to make sure it [the MAS] is meeting its objectives. What I intend to do is have a thorough review of MAS before the end of this Parliament, which would make sure it is meeting its objectives as set out by Government and by Parliament.”

Sub-committee chairman and Labour MP George Mudie said he would be unhappy if another three years were to go by without subjecting MAS to proper scrutiny, given “this is a new organisation that has arbitrarily changed its total way of operation within a year.”

Javid said the MAS would still be scrutinised under a value for money analysis and that the Government also plans to bring the MAS under the scope of the National Audit Office.

He added later in the evidence session that the issue of the MAS being subject to the Freedom of Information Act would be considered as part of a Government review on whether independent bodies should have to respond to FOI requests.


News and expert analysis straight to your inbox

Sign up


There are 8 comments at the moment, we would love to hear your opinion too.

  1. (Yawn)…promises, promises… Nothing about appropriate branding and marketing of MAS. Yet another procrastination.

  2. Wow. I have been absolutely hammering my MP about exactly this. I know that millions will continue to be wasted, but at least there will some minimal degree of accountability.

  3. MAS – looking for value for money. Why would anyone expect anything run by the government or its various quango agencies to provide value for money. Government is all about making little people pay taxes so that politicians and civil servants can live a life of luxury.

    Anyone who believes differently is living in cloud cuckoo land.

  4. How about the FSA/FCA having a NAO review?

  5. Would you buy a used car or double glazing from him?
    No – well that just about says it all. Whats the website for UKIP – at least they didnt use FSA fines to prop up the armed forces, did they David!!??

  6. Meanwhile we will continue funding someone’s little experiment for the next few years.

    A blatant waste of money and resources.

  7. Its the fault of this industry and its leaders that they cannot bring enough pressure on the Government to have a useless organisation like this to waste taxpayers money upon? They could have trained many young graduates to become fianancial advisers and help the consumers. Another two years of waste at times like these? Non productive waste of money? No wonder the economy is not improving.

  8. What are the odds on “it’s not hit its target, so needs more money to do so”

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm