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Thursday July 27th, 2017 

News Archive - October 2014

Money Advice Service

30/10/2014

You may have seen adverts on TV for the Money Advice Service (MAS), a government body funded by a levy on financial advisers, which purports to offer free financial advice to the general public. (Stay with me, it gets better)

Caroline Rookes, the chief executive of the MAS was quoted at the Labour Party Conference as having ‘worries’ about regulated advisers’ ethics (She has since apologised).  She is a career civil servant who has worked for the DSS / DWP since 1976. I’m sure we have all had some great experiences getting advice and guidance from those two bodies over the years.  

The Money Advice Service was described in 2012 as ‘not fit for purpose’ by a Treasury Select Committee and its then head resigned after questions over his £300,000 annual salary.  (The lady above is on a much more reasonable £140,000 per year package).

On the plus side, the MAS has a reasonably clear website and produces leaflets on a range of money matters.  This costs the financial services industry (and by proxy,their customers) £80 million per year. 

‘Nuff said!

PS in a new development, the Money Advice Service is now to be excluded from giving the free 'guidance' to pensioners promised by George Osborne. To quote Edwin Starr - What is it good for?

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