FCA boss Wheatley backs 'competent' MAS

Martin Wheatley, the chief executive of the Financial Conduct Authority (FCA), said he has confidence the Money Advice Service (MAS) is a "competent organisation", though said it faces a huge operational challenge to deliver the free financial guidance promised to retirees in the Budget.

Wheatley, taking questions from the Treasury Select Committee (TSC) on Tuesday morning, said historical concerns with the MAS have centred on its marketing spend, not its ability to deliver money or debt advice services. The MAS and The Pensions Advisory Service (TPAS) have been tasked by the Treasury to develop mechanisms to deliver free, independent guidance to all retirees who request it from April next year. That followed a promise by George Osborne at Budget 2014 that all retirees would have access to support in the wake of legislative changes giving people greater choice about h...