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MAS budgets £500k for move to single guidance body

The Money Advice Service has made a £500,000 provision in its 2018/19 budget for work related to moving to the new single financial guidance body.

In the business plan, published this week, MAS says the £500,000 will “fund transition projects and professional and legal fees to support the transfer of staff, information, knowledge, processes, assets and liabilities as well as closing MAS as a legal entity”.

An extra £200,000 has been added to the money guidance budget to cover these costs and an extra £300,000 has been added to the debt advice budget.

MAS is proposing a total budget of £83.5m in 2018/19, which is an £8.5m increase from the £75m budget in 2017/18. MAS is funded through separate levies on the financial services firms.

MAS chief: What the new guidance body should look like

MAS is set to be rolled into the two other major public guidance bodies, The Pensions Advisory Service and Pension Wise, to create a single guidance body no earlier than Autumn 2018.

MAS chief executive Charles Counsell says in the business plan: “We anticipate that during the course of the year that this draft plan covers, MAS employees will find their current employer ceases to legally exist and that they will transfer into a new organisation. I do not underestimate the challenge we have set ourselves in delivering a full year’s business plan against the backdrop of that simple fact, but that is what we intend to do.”

Counsell adds: “It is important to state that despite the fact that MAS will cease to exist legally during the year, we have agreed with Government and the FCA that this plan should be a full-year plan.”


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MAS improves signposting to pension specialists with TPAS webchat deal

The Money Advice Service and The Pensions Advisory Service are attempting to make sure guidance users are directed to the right service through a new webchat platform. TPAS workers need pensions experience to offer guidance through the service, where MAS has historically dealt with wider financial issues including debt advice. Callers to the telephone helplines […]

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MAS announces new chief executive

The Money Advice Service has appointed The Pensions Regulator director Charles Counsell as its new chief executive. Counsell, who joined TPR’s board in 2011 and currently oversees the roll out of automatic enrolment, will replace Caroline Rookes, who announced she would be stepping aside last November. Counsell was awarded an OBE in the latest New […]


MAS chief: New guidance body should not use the word ‘advice’

The outgoing head of the Money Advice Service says the Government’s new single guidance body should not carry the word “advice” in its branding. MAS is preparing to merge with the other two public guidance bodies, Pension Wise and The Pensions Advisory Service at some point after Autumn 2018. Speaking to Money Marketing, Rookes acknowledges […]


Alternative assets: what are they and why invest in them?

Michael Howard, Head of Alternative Investments at Prudential Portfolio Management Group (PPMG), analyses how alternative assets can benefit multi-asset portfolios. As yields have compressed and forward-looking return expectations have fallen in the past few years, investors have sought alternatives to traditional asset classes to supplement their income and boost their total return. Please remember that […]


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Compared with Hector Sants’ guesstimate that phoenixing the FSA into the FCA would cost £50m (was the actual cost ever published?), £500K sounds like a bargain.

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