Oversight, accountability and funding
Our strategic goals and direction are set by a 12-member board. The board also oversees our activities and management. The board is appointed by, but acts independently of, the Financial Conduct Authority (FCA). The FCA’s appointments of our Chair and Chief Executive are subject to the approval of HM Treasury.
Each year our business plan and budget for the year ahead are subject to approval by the FCA. We are also required by statute to consult on our business plan and budget with the Department for Business, Innovation and Skills, and additionally with the Financial Services Consumer Panel and the FCA’s Practitioner and Smaller Business Practitioner panels on our business plan.
We also consult on our business plans with the devolved governments in Scotland, Wales and Northern Ireland, with our own consumer, industry and debt advisory forums, and with other organisations that may have an interest.
Our Annual Report and Accounts is a summary of our performance and expenditure over the previous year.
We are funded by an allocation from the levy that the FCA collectsopens in new window from the financial services firms that it regulates. Each year the FCA consults with industry on its proposals for the allocation of its fees across the industry, including the proportion allocated to us.
Further details of how we operate can be found in the April 2013 Memorandum of Understanding between the Financial Conduct Authority (FCA) and the Money Advice Service and the May 2013 Money Advice Service, Financial Conduct Authority and HM Treasury Framework Document.