The Money Advice Service (MAS) budget is to remain at £75m for 2017/18, despite its money guidance budget dropping from £30m to £27m following the removal of face-to-face guidance services.
The £3m savings in its money guidance arm will be spent by its debt advice arm, which MAS said was due to increased demand.
Financial advisers contribute to the cost of running the MAS's money arm. Last year they contributed £4.2m but that figure dropped some 25% to £3.1m for the 2016/17 financial year.
With the overall budget remaining the same, advisers can now expect to pay a similar figure in 2017/18.
The savings in the money guidance budget will be achieved by cutting £3.9m from its offline consumer engagement services, after ending its face-to-face operations.
MAS will, however, spend an additional £700,000 on its website and other digital operations in the coming year, despite expecting to be replaced by a new guidance body after autumn 2018.
On 19 December, the government opened its consultation on the new single guidance body to replace the MAS, The Pension Advisory Service and Pension Wise. It said the new body would be funded in a similar way to the current guidance bodies, with the financial services sector, including advisers, picking up the bill.
MAS said: "In light of the government's consultation document published on 19 December 2016, we recognise there may be some transitional activities - and therefore costs - required during the financial year 2017/18 in preparation for the proposed single finance guidance body.
"When the transition timetable and process are set out in more detail we will be able to quantify these impacts in 2017/18. Our current assumption is that we will be able to meet any such 2017/18 costs from reserves."
No successor appointed
MAS chief executive Caroline Rookes (pictured), who has been in the post since 2012, first announced she would step down from the role in February 2016. Following the government's decision to scrap the MAS, she said she would retire this April.
Rookes has since implied she could stay on past this month, noting in her budget introduction: "On a personal note, I have announced my decision to retire once a successor has been appointed and taken up their post."
She added: "I know I am leaving the Money Advice Service in good hands."
A MAS spokesman said the body was still going through the process of appointing a new chief executive.
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