Budget 2016: Money Advice Service to be scrapped

MAS was heavily criticised by MPs

The Chancellor is to scrap consumer guidance provider the Money Advice Service (MAS) in today's Budget, according to reports.

George Osborne is to announce he will replace the MAS with a much smaller body with a focus on providing 'frontline' services to those in financial difficulty - currently the focus of its debt advice arm - according to the Financial Times. MAS was set up by the government in 2010 to provide consumers with "financial education and advice" but has since come under strong criticism over the execution of its role. MPs said in 2013 the service was "effectively duplicating" other services such as the Citizen Advice Bureau and Moneysavingexpert. A Treasury-commissioned review led by forme...