The Money Advice Service has published its 2016-2017 Business Plan, following a Government review in March 2016, which proposed that the service should be replaced by a new slimmed-down Money Guidance Body. The Government is currently inviting views to be given on the implementation of the newly proposed service before publishing its final response in Autumn 2016.
As a result of the proposed changes to the delivery of financial advice in the UK, the Business Plan outlines how the service will continue to deliver on its statutory objectives whilst ceasing all marketing and brand building activity, which it says has allowed it to shift investment away from long-term development of its website and redistribute funding elsewhere to frontline activities.
Over the next two years, the service aims to deliver, amongst other things, the following:
A focus on delivering the ‘what works’ initiative to help improve financial decision making of consumers by funding trials and pilots with a range of organisations across the UK.
An increase in funding for debt advice services such as increased telephone helpline capacity.
A drive forward for financial education collaborations and partnerships with key organisations delivering financial education for children and young people.
Continued delivery of its statutory duty to increase awareness of basic bank accounts and work towards enabling customers to compare fees charged on all payment accounts.