Mas: We fell short on explaining service to advisers
The chief executive of the Money Advice Service has admitted failings in explaining its services to advisers which have led to consternation within the sector on overlap, but has insisted tangible results in other areas are there to be seen.
Caroline Rookes, chief executive of Mas, said: “I accept that we have not been as good as we could have been in explaining to IFAs what new services we provide.”
In a video interview for FTAdviser, she added that Mas was focusing on day-to-day money management, which involved helping people to budget properly, as opposed to the services involved in regulated advice.
Advisers have often bemoaned having to pay levies to fund a service that many believed would compete with regulated advice. There have also been complaints, especially in the months immediately after launch, of poor signposting of advice.
At the end of 2013, MPs sitting on the Treasury Select Committee raised questions on whether Mas was capable of addressing the ‘advice gap’ and on its statutory objective.
However, in November chancellor George Osborne confirmed an ongoing review, due to report this year, would not consider the service’s future. It has since announced the launch of an adviser directory for pension guidance referrals and staff have been seconded to the Treasury to help with the guidance website design.
Ms Rookes pointed to the fact that the Mas website had more than 16m contacts in 2014, with more than 20m expected this year.
She also noted that the service was planning to roll out its retirement advisory directory by the end of March, in time for the pension changes due in April. Firms have been invited to register for the directory online.
