MPs have called for an urgent independent review into the Money Advice Service (MAS) after a damning report criticised its role and reach, and questioned the salaries it pays its top executives.
The service is "not currently fit for purpose", MPs concluded. The independent review should be concluded before next summer and will seek to determine whether the MAS should continue to exist as a statutory body and, if so, how it can overcome the "serious problems" found by the Treasury sub-committee in its report, out today. Labour MP George Mudie, who lead the sub-committee, said MPs had come close to asking for the service to be scrapped, and had only been held back by the Treasury's previously announced review into it. Mudie said: "The MAS is not currently fit for purpose. It...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
