An independent review of the Money Advice Service (MAS) will recommend it cuts more than half its staff and reduce its budget by as much as 38%, according to a report.
The Treasury-commissioned review by former National Association of Pension Funds chief Christine Farnish suggests cutting the MAS's full-time staff from 130 to around 50 and its £81.1m budget to between £50m and £65m, according to a draft copy seen by The Telegraph. While the Furnish review points out the service has "an important job", it suggests many of the financial services it offers are covered adequately by other organisations and websites. The report suggests it should be the MAS division that provides information on mortgages, savings and other matters - rather than the propo...
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