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Money Advice Service and debt advice
IFAonline reports: The financial services industry will pay an extra £40m toward the Money Advice Service (MAS) after it agreed to take on responsibility for coordinating and providing debt advice.
The total estimated cost of running the MAS in 2012/13 will be £86.8m, comprising the £46.3m cost of continuing with its existing services and the extra £40.5m cost of providing debt advice.
Firms in the A13 fee block - made up mostly of adviser businesses which do not hold client money - will pay £153.88 per adviser, down from the current £160.79.
The MAS’ new debt advice remit was signalled by the government last year. It makes the organisation responsible for coordinating existing debt advice services, including the Citizens Advice Bureau.
It will also be tasked with developing a more sustainable and efficient way of funding and delivering debt advice.