Moneysavingexpert.com founder Martin Lewis has branded the Money Advice Service’s financial healthcheck “abominable”, telling MPs he would be embarrassed to see it on his website.
During an evidence session in the Treasury select sub-committee’s inquiry into the MAS last week, sub-committee member Pat McFadden asked Lewis if such a broad focus is a good idea. Lewis said: “If its product was not crap, I would think it might be a good idea but it is abominable and I would be embarrassed to put most of its tools on my website.” He told MPs there are “amazing” facilities for money advice already and MAS should be signposting to them and improving their standards.
He said: “Come and test us, come and give me a stamp that says we are ethical and work with integrity rather than trying to spend £20m on building a brand that is bland, boring, unnecessary and unproductive.”
Lewis asked his social media followers for MAS feedback before the committee hearing. He said respondents considered it is “useless” and a “waste of money and resources”. Others said it “states the obvious” and it gives contradictory advice to “save money for emergencies and pay off debts”.
Lewis told MPs: “I asked my Twitter followers but they were not as nice about it.”