UKSA has responded to a call for evidence from a Treasury Sub-Committee enquiring into the performance of the Money Advice Service (MAS). UKSA takes a keen interest in financial education and advice, as fundamental to maintaining a population of informed private shareholders.
UKSA’s response provides evidence to support a raft of critical conclusions, including:
- The MAS has not shown adequate standards of competence, as evidenced by its website which ought to be the flagship of any mass education initiative.
- Its claim to independence is misleading.
- There has been a decline in transparency since its new governance structure was implemented in 2010.
- Failures of both planning and execution may be attributable to weaknesses in that structure.
The Committee hearings are in progress. UKSA continues to call for the MAS to be separated from the regulator and for it to be subject to proper oversight from a new panel, independent of the industry, whose members have relevant skills.
Link to Terms of Reference for call for evidence
Link to written evidence
Link to oral evidence (currently in progress)