The government today announced plans to close the Money Advice Service (MAS) and merge the functions of The Pensions Advisory Service (TPAS) and Pension Wise.
The MAS has provided debt advice since 2010, but is set to be replaced by a new ‘slimmed down money guidance body’.
TPAS and Pension Wise, meanwhile, will be merged to create a new ‘pensions guidance body’.
Find out more: visit the Which? Budget hub to get the lowdown on all of today’s key announcements
How will the new services work?
Full details of the government’s ‘new delivery model’ remain unclear, but it’s claimed that the new streamlined offerings will provide ‘frontline’ services for those with financial difficulties.
The government has announced a consultation on how the new services will be implemented, with final details expected in the autumn.
Catherine Rookes, chief executive for the Money Advice Service, said: ‘We will work with the government to fully consider the implications of this announcement. In the meantime, we will continue to fulfil our statutory role to help people make the most of their money.’
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