To ask the Chancellor of the Exchequer if he will commission an independent study into the cost-effectiveness of the Money Advice Service's allocation of marketing and brand awareness.
The Money Advice Service (MAS) is an independent body, funded by a levy on the financial services industry. The Financial Services Authority (FSA) is responsible for approving its business plan and budget. MAS published its business plan and budget for 2012-13 in March 2012. Lord Turner, Chairman of the FSA, has made it clear that the FSA intend to commission an independent review into the economy, efficiency and effectiveness of MAS's use of public resources in the first half of next year.
MAS makes an annual report to the FSA in relation to the discharge of its consumer financial education function, including setting out the extent to which the body has met its objectives and priorities for the period covered by the report. The annual report for 2010-11 is available on MAS's website. The service will publish its 2011-12 accounts in July and will report on its marketing spend for 2011-12 in its annual review to be published in August.