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MAS chief Caroline Rookes insists service will not be ditched

Money Advice Service chief executive Caroline Rookes says there is “no question” the service will cease to exist as a result of the Treasury’s independent inquiry.

The independent review was announced in March after the Treasury select committee gave the service a “stay of execution”.

On Friday the Treasury revealed the terms for the review which will be led by Christine Farnish and will assess the effectiveness of MAS and recommend any changes it sees as necessary.

Speaking to Money Marketing before the terms were published and before Tyrie this morning called for them to be “clarified” so they include the service’s statutory footing, Rookes said: “I do not think it will be a stay of execution.

“I do not think there is any question that we will cease to exist. The review will confirm the importance of the role we have and the progress we have made in delivering against it.”

The independent review was announced after the Treasury select committee report into the future of the service criticised Treasury plans for an internal review.

This morning, Treasury select committee chair Andrew Tyrie said the terms of the independent inquiry “omit” several important issues, including whether the MAS should remain on a statutory footing. 

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Comments

There are 9 comments at the moment, we would love to hear your opinion too.

  1. E L Wisty (an only twin) 2nd June 2014 at 11:42 am

    What did we expect her to say – turkeys don’t vote for Christmas.

    Despite Farnish’s appointment, it is encouraging to see that Tyrie is fighting our, and the consumer’s, corner.

    MAS has been an expensive cock-up from the outset, and should be scrapped. The only reason why Government didn’t take the safe option of providing additional funding from the CAB is that it would have required central funding, rather than expecting us to pick up the tab.

  2. I agree with your Caroline !!!

    You have quite a while on this gravy train, unless of course you find a nice little siding to disembark and continue on the next velvet cushioned career trajectory. woo woo all aboard

  3. I’m delighted to see that she has been told the ouitcome of the review without having to wait several months like the rest of us.

  4. He who pays the piper anyone?

    Who is writing the cheque for this review/paying MS F?

    I assume she is not doing it for free?

    Anyone know the answers to the above?

    Is a journalist going to find out?

  5. Nick Pilkington 2nd June 2014 at 12:10 pm

    So Caroline Rookes is trying to pre-empt the review by stating what it’s results will be before the review has taken place
    I suppose standard for a political appointee.

  6. Caroline

    Where else will you get a six figure salary for doing bugger all?

  7. It surely cannot come as a surprise to anyone that Caroline Rookes would comment.

    Nor any surprise that we have also had comment from Andrew TyrieMP as Chair at the TSC (albeit it was George Mudie MP who received the letter from the Treasury).

    What I wonder may be a surprise is the actual number of IFAs who will indeed offer comment and evidence on their views of the effectiveness of the MAS. Will that be a surprisingly vast number or surprisingly small?

    The independent review of the Money Advice Service will be issuing a call for evidence shortly … and, for me, the word “effective” is the key question to be answered. Is the MAS effective?

    Why see that as a key question?

    Because in many ways perhaps it does not matter whether the MAS – is or is not effective – and if that is one more cause for surpise, let me ask if you have read their Terms and Conditions, eg:, these extracts:

    Whilst we try to ensure that the information on this website, in associated publications and the
    advice given by our advisers via the Money Advice Line, face-to-face and web-chat sessions is
    current and correct no undertaking, representation, warranty or other assurance, express or implied,
    is made or given by or on behalf of the Money Advice Service or any of our partners, employees,
    agents or advisers or any other person as to the reliability, accuracy or completeness of the
    information, opinions, advertising, data or other materials contained on this website or the advice
    given by our advisers and no responsibility or liability is accepted by any of them for any such
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    We are not liable for any damages (including, for example, damages for loss of business or loss of
    profits) arising in contract, tort or otherwise from the use of or inability to use: the Money Advice
    Service website, associated publications, the advice given by our advisers via the Money Advice
    Line, face-to-face and/or web-chat sessions or any material contained in them, or from any action or
    decision taken as a result of using this website, associated publications, the Money Advice Line,
    face-to-face or web-chat sessions. These terms and conditions do not exclude or limit our liability
    (if any) to you for:

    personal injury or death resulting from our negligence

    fraud and fraudulent misrepresentation, or

    any matter for which it would be illegal for us to exclude or to attempt to exclude our liability.

    **********************

  8. Philip Castle 2nd June 2014 at 3:10 pm

    @MIke Fenwick – As I said, MAS should be renamed NMG which could stand for “Not much guidance” or even “not me Guv” , but it is a point of fact it certainly is NOT ADVICE.

  9. Julian Stevens 3rd June 2014 at 6:27 pm

    How can she state with any certainty that there is “no question” the service will cease to exist as a result of the Treasury’s independent inquiry? It’s not up to her and nor should it be. If she’s found to have done a poor job, she should go. If, as many people consider it to be, the MAS is an ineffective waste of OPM, it should be scrapped. Will the people who are forced to pay for the MAS be allowed any input to this enquiry?

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