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Harriet Baldwin MP, Economic Secretary to the Treasury, has announced plans to replace the Money Advice Service (MAS) with a “slimmed down money guidance body”. The Economic Secretary, who was speaking at an industry forum in London about the Financial Advice Market Review, told delegates that the new body would have no brand and would not engage in direct delivery.
“Instead it will focus purely on commissioning services and will seek significant input from the financial services sector. Money will no longer be spent on marketing – allowing the new body to channel as much money as possible directly to the front line, via third parties and charities with local expertise,” she added.
Its priorities would be identifying gaps in the financial guidance market, and commissioning targeted debt advice, money guidance and financial capability projects to fill those gaps.
Exact details of the MAS replacement have yet to emerge and would likely be subject to consultation before implementation. The move potentially could spell a reduction in the annual regulatory fees and levies that BIBA members are required to pay.
Members may access a full copy of the speech by clicking here:
https://www.gov.uk/government/speeches/economic-secretary-on-the-future-of-financial-advice
BIBA members’ compliance and regulation queries should be directed to: compliance@biba.org.uk
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