Money Advice Service not 'fit for purpose', say MPs
The future of consumer help website the Money Advice Service (MAS) is uncertain after a group of MPs found it "not fit for purpose".
Criticism of the MAS in a report by the Treasury Sub-Committee included that it has focused on advice about money at a time when people need real help with debt, the financial regulator felt it could not hold it to account and its former chief executive was paid far too much.
The Committee now wants the government to launch an independent review to be completed by the summer into whether the MAS should continue to exist as a statutory organisation.
George Mudie MP, chairman of the sub-committee, said: "People up and down the country, particularly at this time, need access to high-quality money and debt advice. If this is to continue to be facilitated by a public body, a radical overhaul is needed."
He also said: "The Committee considered carefully whether to recommend that the MAS be scrapped completely. Given that the Treasury had already announced its intention to conduct a review of the MAS, we were persuaded to grant a stay of execution."