Advisers could benefit as MAS money budget set to be cut

Carmen Reichman
clock

The Money Advice Service (MAS) is set to redistribute funding from its 'money advice' proposition to its 'debt advice' offering, meaning advisers' contributions to the body could be cut.

Chief executive Caroline Rookes (pictured) said the service, which will publish its fees as part of the regulator's consultation on fees and levies this week, is to recommend a money advice budget cut of around 20%. Last year's money advice budget was £43m, while the budget for debt advice was £38.1m. Advisers contribute to the MAS's money service alongside all other regulated financial services firms, with banks and building societies funding the debt service. Advisers contributed £3.6m toward the MAS for the current year, representing a decrease of about 18% on the previous year....

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 Regulation

Why 'polluter pays' isn't as simple as it seems

Why 'polluter pays' isn't as simple as it seems

'If only life was that easy'

Justin Cash
clock 20 December 2024 • 4 min read
'It's just not good enough' – service continues to frustrate advisers

'It's just not good enough' – service continues to frustrate advisers

Regulation ‘not biting the real day to day grind’

Jen Frost
clock 10 December 2024 • 3 min read
Consumers invited to debate on the idea of targeted support

Consumers invited to debate on the idea of targeted support

Phoenix Insights forms panel to meet in early 2025

Isabel Baxter
clock 10 December 2024 • 2 min read