Govt throws its support behind Money Advice Service

Money Advice Service

The Government has thrown its support behind the Money Advice Service, saying it has an “important responsibility”.

Tory peer Lord Naseby lodged a written parliamentary question last month asking if the Government is considering winding up MAS.

This week, commercial secretary Lord James Sassoon said there are no plans to scrap the service.

Sassoon said: “The service has an important responsibility to develop consumer financial education, raise public understanding and knowledge of financial matters and the ability of people to manage their own financial affairs.

“It offers impartial information and advice on money matters nationally and is available to all online, by telephone and face-to-face. The Government is, therefore, not considering winding up the service.”

Last week, Lord Naseby called for MPs and Lords to put more political pressure on the Government over MAS, labeling it a “waste of money”.

MAS has come under fire for its “colossal” marketing spend, high pay for senior staff and its “crap online” tools. It is currently the subject of a Treasury select committee inquiry.