MAS seeks advice firm for staff

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

The Money Advice Service has approached advisers on its directory with a view to hiring a firm for its own staff.

In an email sent to advisers, seen by Money Marketing, the MAS says it is considering appointing an advice firm following the Financial Advice Market Review’s work into the role of employers.

In March George Osborne announced Government plans to raise the £150 per employee tax break for workplace pension advice to £500. This followed a FAMR recommendation to make greater use of employers to help bridge the advice gap.

The MAS is looking for an advice firm that earns at least 50 per cent of its annual turnover from workplace financial advice.

The firm must have advisers qualified to give regulated advice on pensions accumulation, defined benefit pension transfers, retirement income, saving and investments, mortgages, and protection insurance.

It wants the firm to start as soon as possible and the contract will last until March 2018.

The MAS is due to be scrapped and replaced with two new guidance bodies, one specialising in pensions which will also include functions currently provided by the Pensions Advisory Service.