View more on these topics

MPs’ probe into Money Advice Service faces delays

Money Advice Service

The Treasury sub-committee final report into the Money Advice Service has been delayed by the work of the Parliamentary Commission on Banking Standards.

An inquiry into MAS was launched last March after MPs’ concerns over its effectiveness, taking its last evidence in November from economic secretary Sajid Javid.

Labour MP and Treasury sub-committee chair George Mudie says he is in talks about drawing up the final report and wants it published “as soon as possible” but can’t give a clear date.

He says: “I want it published as soon as possible but I have been conscious that half the committee are on the banking commission with four meetings a week.

“It is difficult to get them to sub-committee and we are always struggling to keep a quorum. There is only so much you can demand of members and understand the time pressures they have.”

Mudie refused to be drawn on any recommendation the final report might contain but says the evidence sessions should give a “flavour” of what to expect.

The inquiry has seen MAS under fire for high executive pay, “crap” online tools and its “colossal” marketing spend. The Government has committed to a review of the MAS by 2015 and bring it under the remit of the National Audit Office.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. The acid test of whether or not the MAS has been worth what it’s cost must surely be how many of the people who’ve used it have actually taken any action such as starting saving regularly into a pension plan or an ISA, effecting appropriate personal protection or embarking on a disciplined programme of paying down debt.

    It should be fairly easy to produce a Cost:Benefit Analysis to demonstrate the extent to which the latter has been justified by the former. My guess is that the result would show a massive imbalance, thereby proving that the MAS has been a huge white elephant that’s cost the industry a king’s ransom but has actually achieved very little.

    A far better strategy would be to include personal financial planning as part of the national educational curriculum so that from an early age people would be aware of the dangers of not saving, of spending money, by borrowing, on things they can’t afford and/or don’t really need and by not effecting suitable insurance for family and mortgage protection. That would surely lead to a more fiscally responsible and economically healthier general population.

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com