2016-2017 Business Plan
The Money Advice Service (MAS) has today published its Business Plan for 2016/17 which sets out our plans for this year to continue to help millions of people manage their money better. The plan will also assist HM Treasury to shape the new money guidance body that will come into existence in two years’ time.
In 2016/17 we will continue to deliver on our statutory objectives. In addition we will focus on developing robust evidence of ‘what works’ to improve financial decisions, through innovative trials and pilots delivered by third-party organisations. The plan will also contribute to ensuring that the transition to the new body is as effective as possible, in co-ordination with the Treasury and the FCA.
- Identifying ‘what works’ - We will increase funding into the front line with up to seven million pounds set aside to commission external organisations to conduct trials, pilots and research into ‘what works’.
- Funding more debt advice - We will fund help for 425,000 over-indebted people – a 15% increase on last year, by providing more capacity in the free debt advice sector and funding new telephone helpline capacity. We will also run a series of tests with specific target groups of over-indebted people to encourage them to seek advice earlier.
- Improving financial capability - We will continue to establish the Financial Capability Strategy for the UK to develop clear, accountable action plans for each thematic area.
- Financial education - We will drive forward collaborations and partnerships with key organisations delivering financial education for children and young people to help them evaluate their work against high standards of evidence and impact.
- Support for Universal Credit recipients - We will continue our partnership with Department of Work and Pensions to support people transitioning to Universal Credit by providing a free, fast tool to help them with their household budgeting.
- Payment accounts - We will deliver on our statutory duty to increase awareness of basic bank accounts and work towards enabling customers to compare fees charged on all payment accounts.