'What the hell are you doing with it?' MPs attack MAS over budget

Carmen Reichman
clock

The Money Advice Service (MAS) has come under fire from MPs after a sub-committee of the Treasury Select Committee (TSC) accused CEO Caroline Rookes that her organisation does not know what it is doing on money advice.

The hearing, which was part of an inquiry into the service that has lasted for more than a year, asked Rookes, who only took over in January, to justify her organisation's value for money. The sub-committee found that the MAS was still overspending on marketing and did not spend enough on actual service delivery, particularly on money advice. It also criticised the language in the organisations's business plan, which it called "meaningless". TSC sub-committee chair George Mudie said: "Last year we were livid that you spent one quarter of your income on marketing. It has not changed...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Multiply and Scottish Widows partner to 'transform' retirement planning

Multiply and Scottish Widows partner to 'transform' retirement planning

Collaboration aims to deliver personalised pension guidance with AI tools

Sahar Nazir
clock 02 December 2024 • 1 min read
Adviser flags they have been waiting over a year for FOS response

Adviser flags they have been waiting over a year for FOS response

‘Cases are taking a long time to be reviewed which causes stress’

Isabel Baxter
clock 02 December 2024 • 2 min read
Shackleton launches as national advice firm with four acquisitions

Shackleton launches as national advice firm with four acquisitions

Skerritts Group rebrands to Shackleton

Sahar Nazir
clock 02 December 2024 • 2 min read