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Money Advice Service: a brief history

The Money Advice Service was set up as an independent body with responsibility for improving people’s money management in 2010 and was originally known as the Consumer Financial Education Body.

In April 2011, the service launched as the Money Advice Service once its online, telephone and UK-wide face-to-face advice services were in place.

In April 2012 the service took on additional responsibility for funding and improving the quality, consistency and availability of debt advice.

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Statutory objectives of the service were set out in the Financial Services Act 2012 one of which was to enhance the understanding and knowledge of members of the public of financial matters, including the UK financial system.

The second statutory objective was to enhance the ability of members of the public to manage their own affairs.

Statutory functions of the service include, but are not limited to:

* Promoting awareness of the benefits of financial planning.

* Promoting awareness of the financial advantages and disadvantages in relation to the supply of particular goods or services.

* Promoting awareness of the benefits and risks associated with different kinds of financial dealing, which includes informing the FCA and other bodies of those benefits and risks.

* Publishing educational materials or the carrying out of other educational activities.

* Providing information and advice to members of the public.