View more on these topics

Lighthouse wins MAS workplace advice contract

Streatfield-Malcolm-Lighthouse-2013

Lighthouse Group has been selected by the Money Advice Service to provide regulated financial advice to its staff in a contract running to March 2018.

MAS opened the tender up to a pool of around 3,500 firms on its retirement adviser directory. All of those firms could submit expressions of interest, with 50 doing so and Lighthouse ultimately being selected.

Through the contract, Lighthouse will offer every permanent member of MAS’s staff a complimentary financial review. It will also run day surgeries for individual meetings, seminars on key financial topics, such as pensions, mortgages and investments, and offer discount rates on regulated financial advice.

MAS says it decided to appoint an adviser for its staff following recommendations in the Financial Advice Market Review to encourage employers to help staff with their finances.

MAS chief executive Caroline Rookes says: “We are pleased to be working with Lighthouse and to give staff the opportunity to access the benefits that independent financial advice can provide. Regulated advice has an important role to play in ensuring that people make the right choices about their money – not only for our staff but for the wider public.”

Lighthouse chief executive Malcolm Streatfield adds: “We look forward to developing our relationship over the coming months and working closely with MAS employees, who themselves are dedicated to helping others, and to assisting them with their financial planning requirements.”

Streatfield says Lighthouse wants to increase its affinity partnerships throughout the UK.

MAS customer director John Penberthy-Smith says the contract was not dependent on a certain number of staff going on to take full regulated advice from Lighthouse.

He says: “We have given an estimate of what we think the uptake will be and Lighthouse has as well but there are no thresholds or targets.”

Asked if staff will get a discounted fee if they do decide to take full advice, Penberthy-Smith says: “Lighthouse will have a range of fees for different services and our staff can choose which of those services and fees they want to pay. Within the bid, all of the 50 firms who are quoted a variety different ways to cost the advice. We felt that Lighthouse’s was very open and transparent and we felt it was fair and at rates that would encourage uptake.”

Recommended

2

PFS urges Govt not to repeat MAS mistakes on guidance

The Personal Finance Society has asked the Government not to use the word “advice” in any branding, marketing or communications material when it sets up its new public guidance body The Money Advice Service, The Pensions Advisory Service and Pension Wise will be merged into one combined guidance organisation, which the Government anticipates will launch […]

Rookes-Caroline-MAS-2013-500x320.jpg
3

MAS chief: Uncertainty over future of guidance has caused a ‘difficult year’

Uncertainty over the future direction of public financial guidance has created a “difficult” year for the Money Advice Service, the organisation’s outgoing chief executive has admitted. In the MAS business plan for the 2017/18 financial year, Caroline Rookes says that the organisation will ensure a smooth transition into the new single guidance body which will […]

1

MAS chief: What the new guidance body should look like

Helping people acquire the skills and confidence to handle money issues and manage through critical financial events is one of the great social challenges in this turbulent world. As such, the Government is currently considering the scope and functions of a single body to oversee money guidance in the UK. Many people across socio-economic groups […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Julian Stevens 3rd March 2017 at 2:20 pm

    A good catch for Lighthouse, though what will happen when the MAS is subsumed into a different guidance body which may not be quite so favourably disposed towards it?

Leave a comment