The Money Advice Service (MAS) will have its budget slashed and must be made more accountable to those regulated firms who pay for it, an independent report has said following complaints from levy payers.
The Treasury-commissioned review by former National Association of Pension Funds chief Christine Farnish said the body will have to "embark on a programme of transformation" to reposition itself over the next two to three years. Under current "weak" arrangements it is not possible for those who fund MAS - retail financial services firms - to have a "meaningful voice" on how their funds are spent or the value for money of MAS's work, the report stated. The MAS currently has a budget of £81.1m - £38m for its debt advice arm and £43m for its money advice arm. Farnish's report suggeste...
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