The recently installed head of the free advice service told an audience at the Building Societies Association Conference the Mortgage Market Review would have major implications for advice.
She continued: “Mortgages is the single biggest reason people come to the Money Advice Service for help and advice. We’re already doing quite a lot on interest-only mortgages.”
The Money Advice Service will soon be calling for evidence as it attempts to develop a financial capability strategy. Rookes acknowledged there were questions about the way statutory levy through the service was paid for.
She said: “We don’t take the funding we take lightly. We want to use it to good effect. We have been working with building societies on the levy and we hope we’ve come up with a fairer way to charge.
“We’re quite clear we’re here to provide non-regulated advice. There’s a place for both types and we want to pass people on for regulated advice where that’s appropriate.”
