Advisers' Money Advice Service levy to drop 18%

The MAS's activities are split in two: the delivery of ‘money advice' and the provision of ‘debt advice'. Advisers contribute to the former alongside all other regulated financial services firms, with banks and building societies funding the latter. It allocates its levy depending on, among other things, how consumers use its four channels - online, telephone, face-to-face and in-print. The total forecast budget for the service for 2014-2015 is £81.1m, split into £43m for the delivery of money advice and £38.1m for the co-ordination and provision of debt advice. At £10.2m, banks wi...