HM Treasury has today (3 July) published a call for evidence in its independent review into the Money Advice Service.
The government launched the review on 30 May, appointing Christine Farnish, former National Association of Pension Funds chief executive, to lead it.
Andrew Tyrie, head of the Treasury Select Committee, previously demanded that the review must examine whether Mas should exist as a statutory body and also if its statutory arrangements are “sufficiently robust”.
The update confirmed that the review will examine all aspects of the financial education and advice service’s work, from how it interprets its statutory objectives and where it focuses its work, to how it achieves the best outcomes from the services it funds.
Ms Farnish said: “There are important questions to consider about how Mas best works with others to meet changing consumer needs for information, education and advice on financial matters.
“I look forward to exploring these questions in greater depth – and am keen to hear from a wide range of stakeholders with an interest in helping ensure consumers are more savvy about managing their money and getting a better deal from financial services markets.”
The call for evidence will ask how demand for and supply of consumers’ need for financial information, education and advice has developed since Mas was first envisaged, and how it will continue to evolve.
It will also ask how well Mas is performing against its statutory objectives and seek evidence on how well Mas works with bodies across the financial education and debt advice landscape to ensure consumers’ needs are best met.
Finally, it will ask whether the current £81.1m budget remains appropriate and where it should be focused.
The call for evidence closes on 2 September and the review will report to the government by the end of the year.
