MAS to return fees after budget surplus

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The Money Advice Service is to return £800,000 to levy payers after it reported a surplus income in the 12 months to 31 March 2016.

According to its most recent annual report, the MAS reported surplus income over expenditure of £300,000 in the year ended 31 March 2016. This compared to deficit income over expenditure of £800,000 in the 12 months to 31 March 2015.

The MAS reported an accumulated surplus for 2016 of £12.1m and plans to return £800,000 to levy payers by reducing their fee in 2016/17 and 2017/18.

The Treasury announced the MAS would close in a consultation launched after the March Budget. It outlined plans to close the Money Advice Service with its pension guidance remit going to a new provider as well as setting up a second body with responsibility for money guidance.