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Money Advice Service boss to step down

Money Advice Service boss to step down

The chief executive of the Money Advice Service is to stand down in April as the government starts overhauling its guidance services.

Caroline Rookes has announced today (8 November) that she will retire next year, saying it was the “right time” for a successor to oversee the transition as the government’s three guidance services merge into one.

In a letter to stakeholders, Ms Rookes said she planned to leave in February this year, but the “critical debate” around the future of money guidance meant she decided it was right to stay on to help shape the discussions.

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Ms Rookes said: "With such important developments now secured, this is the right time to pass on the reins to someone else to build on our achievements and to lead Mas through the transition period. 

“I plan to remain at the Money Advice Service until next April to ensure a smooth transition."

Following a consultation in the second quarter of this year, the government decided there would be one guidance body, rather than the two originally proposed.

In the March Budget, former chancellor George Osborne said Mas would be replaced with a much smaller body to focus on providing “frontline” services to those in financial difficulty.

But following the consultation, it was decided the Money Advice Service will be merged with the Pensions Advisory Service and Pension Wise to create one body by April 2018.

Andy Briscoe, chairman of the Money Advice Service, said Ms Rookes has been supportive during an “extremely challenging” period, adding the board is now focused on ensuring a smooth succession.