'Hasty' MAS abolition poses risk to millions of consumers, warns FSCP

FSCP warns govt not to take 'damaging' action

Nicola Brittain
clock • 3 min read

Government plans to abolish the Money Advice Service (MAS) are "hasty" and potentially "damaging" for consumers, an independent consumer panel set up by the regulator has said.

The Financial Services Consumer Panel (FSCP) has responded to proposals to scrap the MAS saying it would affect millions of people and poses "real risks for consumers". It also said the government  should consider the panel's comments as well as evidence from overseas carefully, before taking "hasty and damaging action". The panel, established by the regulator in 2011, added that the abolition of MAS could leave consumers without a source of impartial financial guidance and slow down progress on the UK's Financial Capability Strategy. The strategy, launched last summer, aims to improv...

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

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
FCA and FOS reveal reforms as part of redress 'modernisation'

FCA and FOS reveal reforms as part of redress 'modernisation'

Follows joint call for input and government proposals

Isabel Baxter
clock 15 July 2025 • 3 min read
Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Professional Adviser TV: Remaining client centric in a time of increased regulation and digital demands

Kevin Bailey and James Sullivan also unpack what value looks like

Professional Adviser
clock 04 July 2025 • 1 min read