An independent review, headed up by former National Association of Pension Funds chief Christine Farnish, was ordered by the Treasury back in May and expected before the end of 2014.
But the findings of the review have been seen early by The Telegraph and are less than favourable about the body’s role.
The draft copy seen by The Telegraph advises that MAS should lay off nearly two thirds of its staff and reduce its budget by 38%.
It also warns of the level of duplication between the services offered by MAS and services already being offered by personal finance media and charities.
It says: “There is a high degree of duplication between the MAS and other websites which offer content on financial issues.
“We question whether a body like MAS… should even seek to compete with the wide range of other bodies which already have trusted brands and extensive consumer reach. It still has an important job to do but change is needed.”
Last year a Treasury Committee report concluded that the MAS was not fit for purpose and a waste of taxpayer money.
The MAS has also come in for widespread criticism in the past after it spent over £250,000 rebranding its website and £4m on an ad campaign back in 2011 but it has also been defended by some.
The full report is due at the end of the year.
