The Money Advice Service should continue working to build relationships with regulated financial advisers, the National Audit Office has recommended.
In a report from the NAO examining the value for money offered by the Mas, the office says forging better links with advisers would help people access advice on regulated financial products which fall outside the remit of the Service.
The report states: “Under existing regulation the Service cannot provide individuals with information on regulated products, however, it could signpost users to sources of regulated advice.”
The NAO’s report follows a scalding critique of the Mas by the Treasury Select Committee, which called it overly expensive and generally redundant, saying it would be unlikely to effectively fill the ‘advice gap’ for mainstream consumers.
The Committee recommended the launch of an independent review into the service to complement the existing review underway by the Treasury.
Mas dismissed the report, arguing that its findings were based on out of date information.
Meanwhile, Mas was forced to climb down over its guidance on making mis-selling complaints after criticism that the wording on its website breached FCA rules and encouraged spurious complaints.
