The Money Advice Service is likely to be scrapped later today when George Osborne delivers his annual Budget in the House of Commons at 12.30pm.
The Money Advice Service is likely to be scrapped later today when George Osborne delivers his annual Budget in the House of Commons at 12.30pm.
The Financial Times has reported that MAS – which has been heavily criticised by the financial services industry for delivering poor value for money – will be replaced with a far smaller debt advice body.
It follows a review, commissioned by the Treasury and led by National Association of Pension Funds CEO Christine Farnish, which reported in March last year that MAS must "embark on a programme of transformation" and stop focusing on money guidance provision.
The review also recommended that the body's budget be cut and that staff numbers be reduced by half.
In 2015/16 advisers contributed £4.2m towards the running of MAS, 16% more than in the previous year when it was £3.6m.
