4.3.7 Guidance and support – the Money Advice Service
One of the FSA’s original responsibilities was to promote public awareness about financial matters. The role here was educational, with the FSA promoting public understanding of the nature and risks of products, and of rights to (and the necessity of) access to information and advice about them.
In October 2010, this objective of ‘public awareness’ was transferred from the FSA to the new Consumer Financial Education Body (CFEB), subsequently renamed the Money Advice Service (MAS) in April 2011. This new body has now taken responsibility for helping consumers understand financial services and manage their finances effectively. The MAS provides free and unbiased advice to consumers. The MAS operates independently from the PRA and FCA, although the two regulatory bodies have a joint statutory oversight of its work.
In 2016 it was announced that MAS was be abolished and replaced by a new advisory body. It was also announced that two pensions advisory bodies - Pension Wise and The Pensions Advisory Service (TPAS) - were to merge to provide a single source for advice on pensions. Subsequently and after a period of consultation it was announced that a new Single Financial Guidance Body would be established from 2019. This new body in effect combines the previous work and missions of MAS and the pensions advice bodies.
In this video Caroline Rookes, chief executive of the MAS, talks about the work of the organisation in helping the public with financial management.