Consumer Panel pushes for MAS remit to be widened

Carmen Reichman
clock

The Financial Services Consumer Panel (FSCP) has called for the Money Advice Service (MAS) to widen its remit from generic advice to helping people "understand products" and "choosing a pension or a mortgage".

In its response to the government's consultation on the MAS launched in May, the FSCP said it wants the MAS to "go beyond debt advice and basic money management". It wants it to get involved in helping consumers with issues such as converting their pension savings to retirement income, funding long term care, and investing and saving for the future. "Impartial help in these areas is not easily available from other sources," the panel said, before acknowledging that the guidance guarantee "should help with retirement issues". The panel suggested that the MAS should go beyond providi...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Regulatory and employment-related changes – what do firms need to prepare for?

Regulatory and employment-related changes – what do firms need to prepare for?

‘Getting these issues right is not just about avoiding regulatory action or tribunal claims’

Sophie White
clock 21 August 2025 • 4 min read
FOS fees could fall if cases resolved early

FOS fees could fall if cases resolved early

Consultation seeking to modernise charges

Jenna Brown
clock 13 August 2025 • 2 min read
Consumer Duty two years on: Challenges remain for advisers

Consumer Duty two years on: Challenges remain for advisers

‘Biggest challenge for advisers at the moment'

Sahar Nazir
clock 31 July 2025 • 4 min read