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Money Advice Service staff braced for job cuts in shake-up
The Money Advice Service (MAS) has informed staff about potential job cuts, just eight months after its launch.
A spokesperson said this followed a review of its products, services and delivery channels, ahead of its next business plan, set to be published in the spring.
Staff were informed yesterday, with anyone affected by the “organisational changes” now in “formal consultation”.
The service must first discuss any proposed changes with its statutory consultees, including the Financial Services Authority and the Treasury.
Launched in April to replace the Consumer Financial Education Body, the MAS currently has 150 staff and had signalled the review in its original business plan.
It said: “As the year progresses we will undertake a major review of our products and services to ensure we are delivering maximum value and impact.”
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Since its launch, the MAS has come under attack from advisers for the levies they have had to pay to fund it and its advertising strategy.
For 2011/12, it had a total budget of £43.7m, £13.5m of which was allocated to “staff and associated costs” and £4.6m to “communications and marketing”.