Seema Malhotra – 2016 Parliamentary Question to the HM Treasury

The below Parliamentary question was asked by Seema Malhotra on 2016-03-23.

To ask Mr Chancellor of the Exchequer, with reference to paragraph 2.228 of Budget 2016, on what date he plans to close the Money Advice Service.

Harriett Baldwin

At Budget 2016, the government published its response to the Public Financial Guidance Review and launched a consultation seeking views on the government’s plans to restructure the statutory financial guidance providers – the Money Advice Service, The Pensions Advisory Service and Pension Wise. This paper, which closes on 8 June 2016, sets out a new delivery model for public financial guidance and seeks views on how, within this model, the proposed services could best be offered. The new delivery model is designed to better complement the financial guidance provided by the third sector and the industry and provide more targeted support for consumers.

The government will consider the responses to this consultation over the summer, and in parallel, work closely with the affected organisations to finalise the delivery structure. A detailed timetable will be set out with the final response, which will be published in the autumn. The government has been clear that the three affected organisations will continue to provide guidance to consumers until at least 2018.