View more on these topics

MAS will spend £20m on brand and marketing

The Money Advice Service will spend £20m of its new budget on marketing and brand awareness.

Around £7m will be spent on staff, £6.6m on delivering face-to-face and phone services and about £2m on digital products for 2012/13. A further £6.7m will be spent on web and digital build costs.

The MAS published its business plan this week, which confirms its total budget has increased from £43.7m for 2011/12 to £80.8m for 2012/13 due to new debt responsibilities.

Of the total, £46.3m will be spent on delivering “money advice” while the remaining £34.5m will be spent on debt advice.

An industrywide FSA levy funds the money advice element while the debt advice element is paid by a levy on banks, building societies and lenders.

Operational costs including rent and IT are estimated to be £2.8m, with £979,000 spent on research.

Facts & Figures Financial Planners managing director Simon Webster says: “The MAS is a joke on every level. It seems to have become a financial advice firm with no liability, no responsibility and no accountability. The whole thing is a travesty.”

Philip J Milton & Company managing director Philip Milton says: “It seems like money for old rope. There are other entities out there doing what the Money Advice Service does and they are doing a better job. The money would be better spent on improving financial education.”



ABI plea to ease drawdown rules

The Association of British Insurers is preparing to lobby the Government to ease the restrictions on capped drawdown as savers face large falls in annual income limits. Capped drawdown was introduced as part of the Government’s reforms to abolish compulsory annuitisation at age 75. Following the changes, which came into force in April last year, […]

Top 10 CPD myths

Julie Pardy, retail sector director at Corporate Training Partnerships, says some urban myths have grown up over what does and what does not count as continuing professional development and here she sets the record straight and offers 10 guidelines to follow for effective CPD

Brain power

Did you know the ability to save money is determined by which side of the brain a person thinks with? Creative types who use the right side of the brain are more likely to have debts and less likely to have savings. Those who use the left side of the brain are more aware of […]


FSA may bypass Europe in FSCS funding review

The FSA says it may push ahead with its review of the Financial Services Compensation Scheme’s funding model before European directives on compensation schemes are agreed if delays continue. The regulator’s 2012/13 business plan, published last month, says it aims to complete its FSCS funding review by the end of September. The review was delayed […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment