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Farnish Review of the Money Advice Service (MAS)

PFS Policy Briefing

On 20 March, HM Treasury published the independent review by Christine Farnish into the Money Advice Service (MAS). The report made recommendations across the MAS's two arms: coordinating debt advice; and money advice/education.

Suggestions for the financial advice/education included:

  • avoiding duplication among online consumer information, and ensuring key gaps are filled;
  • establishing a financial telephone helpline;
  • making financial products more understandable and comparable;
  • promoting good quality advice and information: website quality mark;
  • ensuring consumer awareness on key issues; and
  • supporting financial education in schools.

The Treasury also published a Government response, and the Financial Conduct Authority (FCA) also published a view. On the provision of money advice, the Government supports the Review's gap-filling suggestion, though does suggest that some of the website duplication may be justified owing to the MAS's impartiality remit. It welcomes the commitment from MAS and the FCA to implement a number of the review's recommendations, including improving the way that they work together.

Next steps:

  • Autumn: MAS and the FCA to take forward consideration and analysis over coming months and submit an action plan to the Treasury.
  • Year end: Government to produce final conclusions to MAS/FCA action plan. 

Pdf icon small   View the attached document »

Related resources:

CII/PFS Consultation Response: Money Advice Service Proposal on a Regulated Adviser Directory, July 2014

 

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