Treasury orders independent probe into Money Advice Service
An independent review into an under-fire financial advice service has been ordered by the Treasury. Economic Secretary Sajid Javid accepted MPs' calls for the probe into the Government-backed Money Advice Service.
The chair of the Commons committee has welcomed an independent review into the under-fire financial Money Advice Service (MAS). Conservative MP Andrew Tyrie has said it was important given the role handed to the MAS in drawing up guidelines for pensioners.
He said: "[The Government] now agrees that this review should be independent, rather than Treasury-led.
"Our report called for the results of the review to be published no later than summer 2014. Given that the MAS has now been asked by the Treasury to play a role in creating the new financial guidance for pensioners, it is even more important that the Government gets on with it.
"A central task of the review will be to assess whether we should continue to channel £80 million or thereabouts each year through the MAS."
An independent review into an under-fire financial advice service has been ordered by the Treasury.
Economic Secretary Sajid Javid accepted MPs' calls for the probe into the Government-backed Money Advice Service.
He was responding to a Commons committee report which concluded the MAS was "not currently fit for purpose". It was also criticised by a public spending watchdog for failing to reach out to those most in need of advice and not providing value for money itself.
Mr Javid said the Government had long planned to examine its work but that an independent reviewer "will bring a fresh perspective to this important issue".