MAS proposes 12% money budget cut as it shifts focus from guidance

In its business plan for the coming year, MAS proposed to cut its budget allocated for money advice from £34.1m in the current year to £30.1m in 2016/17, while its debt advice allocation stays the same. Financial advisers contribute only to the money budget for which the regulator collects a share as part of its annual fees collection. In 2015/16 advisers contributed £4.2m towards the running of the MAS, 16% more than in the previous year, when it was £3.6m. The MAS developed a new three-year corporate strategy after a Treasury-commissioned independent review concluded in March that t...