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...
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