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Commons committee backs probe into financial 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.

Conservative MP for Chichester, Andrew Tyrie Credit: PA

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."

Treasury orders review of 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.

Independent probe called over Money Advice Service Credit: PA

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".


£4.2 billion raised in selling taxpayer's Lloyds shares

As the government confirmed it has sold more of its stake in Lloyds Bank, ITV News Business Editor Joel Hills looks at what that means for the tax payer and the company:

UKFI is a company with HM Treasury as its sole shareholder which is mandated to manage the Treasury's shareholdings.


Alexander: Public sector pay deal is a 'fair balance'

Chief Secretary to the Treasury, Danny Alexander, has told ITV News' Deputy Political Editor Chris Ship the government's pay deal to public sector workers is a "right, fair balance".

It was announced today that public sector workers will receive a one per cent increase to their pay, apart from those who already receive "progresson-in-job" increases due their length of service. These increases are typically worth more than three per cent.

Alexander: 'Risks of independence becoming clearer'

Chief Secretary to the Treasury Danny Alexander has said that the risks of Scottish independence are "becoming ever clearer". He said: "What we've seen today with Standard Life and RBS are the risks of independence becoming ever clearer."

Chief Secretary to the Treasury Danny Alexander. Credit: David Cheskin/PA Wire/Press Association Images

He added: "It’s common-sense that when you have something that works there will be adverse consequences if you rip it apart. The strength and stability of the United Kingdom is the essential underpinning of Scotland’s successful financial services sector over several centuries.

"These businesses are reasonably and fairly setting out the consequences of the SNP’s dangerous, risky, and unclear plans for independence. I doubt they’ll be the last.”

Treasury 'failing to review royal financial management'

Margaret Hodge, the PAC's chairman, criticised the Treasury for failing to be more actively involved in reviewing the household's financial planning and management, including in the plans to maintain historical buildings.

A Treasury spokesman said: "The new arrangements established by the Sovereign Grant Act have made the royal finances more transparent than ever while providing the long term stability necessary for good planning.

The PAC's report has failed to properly account for these changes."

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