Money Advice Service
Money Advice Service

The following Financial Services guidance note provides comprehensive and up to date legal information covering:

  • Money Advice Service
  • Creation of the Money Advice Service
  • Objective of the Money Advice Service
  • Funding and accountability
  • Regulatory update for MAS

Creation of the Money Advice Service

In 2010, the Financial Services Act 2010 amended the Financial Services and Markets Act 2000 (FSMA 2000) with a view to enhancing public understanding of financial matters. This included provisions to establish the Consumer Financial Education Body (CFEB). The CFEB's goals were to enhance:

  1. the general public’s understanding and knowledge of financial matters including the UK financial system, and

  2. the ability of members of the public to manage their own financial affairs

In April 2011, the CFEB was renamed the Money Advice Service (MAS) and a UK-wide service offering advice online, via telephone and through a network of money advisers was launched. The Financial Services Act 2012 (FSA 2012) updated the requirements in FSMA 2000 relating to the former CFEB.

Objective of the Money Advice Service

The function of MAS is outlined in FSMA 2000. Its objectives are to:

  1. promote awareness of the benefits of financial planning

  2. promote awareness of the financial advantages and disadvantages in relation to particular decisions relating to different kinds of goods or services;

  3. promote awareness of the benefits and risks associated with different kinds of financial dealing

  4. publish educational materials or carry out other educational activities

  5. provide information and advice to members of the public, and

  6. assist members of the public with the management of debt

MAS discharges the