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Inquiry spurred engagement levels

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.” 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.



PruProtect slashes income protection cover premiums

PruProtect is reducing its income protection premiums by an average of 20 per cent for new clients following a review of its product range. PruProtect says it will calculate the size of the reduction for individual clients based on their occupation, age, whether they smoke, the term length and any waiver of premium option. It […]

‘Focus for best use of resources’

Financial Service Consumer Panel chairman Adam Philips says the Money Advice Service must be more focused in its work to ensure an effective use of its resources. MAS’s business plan for 2012/13, published in March, says 19 million adults could benefit from a service “such as ours”. It says it aims to reach 1.9 million […]

Shareholders get binding pay vote every three years

Shareholders will get a binding vote on firms’ remuneration policy at least every three years, under plans put forward by the Business Secretary today. Currently shareholders get an annual vote on pay but it is not binding. In March, the Department for Business Innovation and Skills published a consultation which proposed giving shareholders an annual […]

Broadstone and SEI in platform tie-up

IFA firm Broadstone Pensions and Investments has chosen SEI to power its platform offering which has gone live this week. The firms say the deal will enable Broadstone to manage its advisory and discretionary clients through the underlying SEI technology. Broadstone was rebranded from BDO Investment Management in May last year having been acquired by […]


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