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MAS to return fees after budget surplus

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The Money Advice Service is to return £800,000 to levy payers after it reported a surplus income in the 12 months to 31 March 2016.

According to its most recent annual report, the MAS reported surplus income over expenditure of £300,000 in the year ended 31 March 2016 compared to deficit income over expenditure of £800,000 in the 12 months to 31 March 2015.

The MAS reported an accumulated surplus for 2016 of £12.1m and plans to return £800,000 to levy payers by reducing their fee in 2016/17 and 2017/18.

The Treasury announced the MAS would close in a consultation launched after the March Budget. It outlined plans to close the Money Advice Service with its pension guidance remit going to a new provider as well as setting up a second body with responsibility for money guidance.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. I dont know what to make of this……. bitter sweet ? I don’t know

    On one hand here we have MAS, the boil on the financial services bottom, handing money back because they didn’t spend it, and in another story we hear JLT having to cut jobs attributed to dealing with the RDR another carbuncle on the heal of our foot

    I am going to wear my clothes inside out and back to front…. this is obviously the way to go !!

  2. Why £800,000 if they are carrying a surplus of £12.1 million and moreover, who got the budget so wildly wrong to allow such a surplus? I know it’s only a small individual levy for adviser firms and don’t want to appear ungrateful but come on?!!

  3. Can’t say I can recall getting our fees back?

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