The Money Advice Service unveiled just over one year ago, has come under fire in Parliament for getting more funding, at a time when all other budgets are being slashed due to austerity measures.
The Money Advice Service was introduced by ministers as a means to help 11 million people in the UK who were believed to require assistance with personal finance matters. However, during its first year, the body managed to reach just 1.3 million people, a small fraction of those it was intended to provide access for.
Despite being branded a failure and staff being sacked, the service has been given more money and now has £46 million to spend. Although it is answerable to government departments, the MAS is an independent body but is funded via a levy placed upon the financial services industry. Its remit is to provide advice and assistance to the public on matters of money and finance, through a variety of means.
The service is now overhauling its website to try and make it more attractive and user friendly for the public. New comparison tables will be made available on different products, such as mortgages, annuities, credit cards and current accounts and customers will be able to sign up for updates.
Customers wanting to use the service can access it either via the website, telephone or face to face. At the end of the year, tighter restrictions on advice come into effect in the banking sector and many financial institutions, such as RBS, have already said they are cutting back on the service they offer customers.