Mortgage News
Treasury opens consultation on future of MAS
The Treasury Select Committee (TSC) is calling for submissions on the future of the Money Advice Service (MAS) – the national free consumer advice scheme funded, in part, by the financial services industry.
Advisers have been critical of the body, which received £43.7m of funding from FSA registered firms in 2011/12.
The appropriateness of the funding model will be one of the issues considered in the consultation, which closes on 1 June.
The consultation’s terms of reference show it will also look into the extent to which the service is meeting its core statutory objectives, namely whether it is succeeding to “enhance the understanding and knowledge of members of the public of financial matters”.
Respondents will be invited to consider how effective the MAS’s internal administration and expenditure on staff and other resources is, as well as the accountability mechanisms that are in place.
It will also examine the extent to which the services provided by the MAS may be provided by other organisations.
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Other questions include whether the MAS is reaching its target audience; if any groups are unable to access the MAS’s services; who is worst affected by a lack of knowledge of financial matters; and whether the group should have a greater role in financial education in schools.