MAS overall budget stays at £75m; guidance budget drops £3m

The £3m savings in its money guidance arm will be spent by its debt advice arm, which MAS said was due to increased demand. Financial advisers contribute to the cost of running the MAS's money arm. Last year they contributed £4.2m but that figure dropped some 25% to £3.1m for the 2016/17 financial year. With the overall budget remaining the same, advisers can now expect to pay a similar figure in 2017/18. The savings in the money guidance budget will be achieved by cutting £3.9m from its offline consumer engagement services, after ending its face-to-face operations. MAS will, ho...