MAS, TPAS and Pension Wise to be restructured

The new model will include a new single pensions guidance body and a "slimmed down" money guidance body charged with identifying gaps in the financial guidance market and commissioning providers to fill these gaps.

The new delivery model has promised to "direct more funding to the front line and focus support on areas of greatest consumer need".

Speaking to Financial Reporter, John Malone, ex-chair of PMS and now Chairman of Front Events, said:

“For me, calling a business the Money Advice Service when it didn’t give advice sums it up. It’s so disappointing when so many in our industry knew from the outset that this proposition to assist consumers would do the exact opposite, at a huge expense to the industry.”