An independent review of the Money Advice Service has been launched, lead by Christine Farnish. The MAS, set up by government, provides consumers with financial education and advice.
Farnish chaired Consumer Focus until it’s recent transfer to Citizens Advice Service, and prior to that has held a Managing Director position at Barclays and Consumer Director at the Financial Services Authority.
Farnish said of her appointment:
“An Independent Review of the Money Advice Service is timely in view of the considerable public interest and debate around the service, the new regulatory framework and the government’s recent announcement on pensions…
I will report to Ministers by Christmas and look forward to hearing from all stakeholders with an interest in helping ensure consumers are more savvy about managing their money and getting a better deal from financial services markets.”
The review will assess the need for this education and advice and the Service’s effectiveness in meeting this need, including recommendations for improvement in approach and delivery models. It will be submitted to the Economic Secretary to the Treasury by the end of the year.