The Money Advice Service (MAS), which has provided financial and debt advice to consumers since 2010, is to be abolished, the BBC understands.

The Chancellor, George Osborne, is expected to announce in the Budget that it will be replaced by a smaller advice body. The MAS has been criticised in two official reports. One study commissioned by the Treasury found that few members of the public had even heard of it. And two years ago the National Audit Office found the MAS was not always delivering value for money. "We will work with the government to fully consider the implications of any announcement," said a spokesperson for the MAS. "In the meantime we will continue to fulfil our statutory role to help people make the most of their money." The MAS spends about £80m a year, but much of its income came from an industry-based levy.....Read more here

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