The Treasury select sub-committee’s inquiry into the Money Advice Service has prompted it to improve its “non-existent” engagement with the financial services industry, according to industry bodies.
Money Marketing first revealed the sub-committee was launching an inquiry into the MAS in March.
In the inquiry’s first evidence session last week, the Association of British Insurers and the Consumer Credit Counselling Service said communication with the MAS had until recently been poor.
Asked by Conservative MP Mark Garnier how effective MAS consultations have been, ABI director general Otto Thoresen said: “It was non-existent for a long time but it is engaging now and I am sure this inquiry is a part of that.”
CCCS director of external affairs Delroy Corinaldi said: “The level of engagement was not that great but most organisations we speak to say there has been a noticeable change over the past month or two.”
Moneysavingexpert.com founder Martin Lewis told MPs: “One of the reasons that things have got better is because you are doing this, so well done. The MAS knew this was coming and that people like me were going to come here and give it a good kicking.