Financial Services Round Up – Industry Highlights
Money Advice Service budget nearly doubles
The Money Advice Service (MAS) budget is reported to have nearly doubled from £43.7m for 2011/12 to £80.8m for 2012/13. The budget is split between “money advice” and “debt advice”.
The MAS, which is funded by a statutory levy, is currently being investigated by the Treasury select sub-committee, which will look at its effectiveness and the salaries of its senior management.
Sants leaving FSA
In the same week as the regulator announced a 15% increase in overall regulatory funding, it has also announced the departure of Chief Executive, Hector Sants. Sants announced his intended departure from the FSA previously in 2010, but agreed to stay on once the plans for replacing the FSA with the PRA and the FCA were publicised. It has been reported that Sants will be paid £500k plus benefits until the end of the year and his gardening leave will commence in June.