The government has agreed to an independent review of the Money Advice Service (MAS) following pressure from the Treasury Select Committee (TSC).
The Association of Professional Financial Advisers (APFA) has asked for the Money Advice Service (MAS) to evaluate its effectiveness in changing consumer behaviour and to publish its findings within one year.
The Money Advice Service (MAS) has reported a steadily growing customer base in the last year, and said it had reached ten million contacts by the end of 2013.
Financial Conduct Authority (FCA) chief executive Martin Wheatley struggled today to answer calls from the Treasury Select committee (TSC) for clarity around advised and non-advised online sales.
Treasury committee chairman Andrew Tyrie has accused the regulator of overcharging the advice community and asked for a refund of fees at today's grilling of chief executive Martin Wheatley and chairman John Griffith-Jones.
Treasury Select Committee chairman Andrew Tyrie has written to the Financial Conduct Authority chief executive Martin Wheatley calling on the regulator to do more to crack down on poor practices in banks linked to sales incentives and remuneration.
The Financial Conduct Authority (FCA) is to appear before the Treasury Select Committee (TSC) for its bi-annual grilling next week.
Treasury committee chairman Andrew Tyrie has called on the regulator to scrap the "fundamentally flawed" approved persons regime for advisers and instead align the sector with the new standards being brought in for the banking industry.
Caroline Rookes, the chief executive of the Money Advice Service (MAS), has hit back at critics of the organisation, saying the MAS is now delivering a "very effective" service and does not "step on the toes" of financial advisers.
The industry-funded Money Advice Service (MAS) has ignored calls by MPs to cut its marketing budget, saying it needs the multi-million pound pot to "encourage people to take action" on financial matters.