The Money Advice Service (MAS) budget is to remain at £75m for 2017/18, despite its money guidance budget dropping from £30m to £27m following the removal of face-to-face guidance services.
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...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- 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
