MAS proposes 12% money budget cut as it shifts focus from guidance

Body wants to act more as 'facilitator'

Carmen Reichman
clock

The Money Advice Service (MAS) has proposed to cut its money budget by 12% as the service moves from being a provider of guidance to being a ‘facilitator' of third party services.

In its business plan for the coming year, MAS proposed to cut its budget allocated for money advice from £34.1m in the current year to £30.1m in 2016/17, while its debt advice allocation stays the same. Financial advisers contribute only to the money budget for which the regulator collects a share as part of its annual fees collection. In 2015/16 advisers contributed £4.2m towards the running of the MAS, 16% more than in the previous year, when it was £3.6m. The MAS developed a new three-year corporate strategy after a Treasury-commissioned independent review concluded in March that t...

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

FCA proposes to cut down on data reporting for firms

FCA proposes to cut down on data reporting for firms

Part of regulator’s programme to ‘reduce burden’

Isabel Baxter
clock 16 April 2025 • 2 min read
FCA pumps £3.7m into advice/guidance boundary review work

FCA pumps £3.7m into advice/guidance boundary review work

Come as the regulator proposes to increase fees by 2.5%

Isabel Baxter
clock 08 April 2025 • 3 min read
Open letter slamming FCA email policy sent to regulator and government

Open letter slamming FCA email policy sent to regulator and government

'Alarming lack of consultation'

Beth Brearley
clock 20 March 2025 • 2 min read