Money Advice Service under fire for RDR 'ignorance'

The MAS was set up last year to take over from the Consumer Financial Education Body and, despite heavy criticism from advisers, has always insisted it is a champion of financial advice. However, in a mystery shopping exercise undertaken by adviser support network PanaceaIFA, both the MAS and PAS came up short when asked whether any upcoming regulatory reforms would affect how consumers pay for advice (see box below). Derek Bradley, CEO of PanaceaIFA, said: “They appear to have no knowledge of RDR taking place. As a result they seem to be dispensing incorrect information instead of wo...