Further to an independent review in March 2015, on 22 December 2015 the Money Advice Service (MAS) published its draft business plan and three year corporate strategy, opening a period of consultation with the industry and wider stakeholders.
MAS’ corporate strategy includes clear customer segmentation and targeted prioritisation of needs, with a new emphasis on working with many partners – collaborating across the public, private and voluntary sectors – to encourage the public to engage with their money and improve financial stability.
The core aims of MAS include: succeeding through partnerships, earlier and wider access to debt advice for indebted individuals, more people budgeting and saving, improving people’s access to advice and guidance, working with financial services and improving financial education. These aims will be measured against various deliverables outlined in their business plan, with 24 targets set to monitor the financial behaviour of millions of consumers. These deliverables are to be achieved whilst operating more efficiently, to deliver increased outcomes whilst reducing spend by 7%.
MAS believe that its business plan and corporate strategy will streamline services and demonstrate value for money. The consultation will remain open until 15 February 2016.