Background

The Money Advice Service was set up as an independent body with responsibility for improving people’s money management in April 2010. We were initially known as the Consumer Financial Education Body, the name used in the Financial Services Act 2010 which sets out our statutory objectives.

These are to:

  • enhance the understanding and knowledge of members of the public of financial matters (including the UK financial system); and
  • enhance the ability of members of the public to manage their own financial affairs.

Our statutory functions include, but are not limited to:

  • promoting awareness of the benefits of financial planning;
  • promoting awareness of the financial advantages and disadvantages in relation to the supply of particular kinds of goods or services;
  • promoting awareness of the benefits and risks associated with different kinds of financial dealing, which includes informing the Financial Conduct Authority and other bodies of those benefits and risks;
  • publishing educational materials or the carrying out of other educational activities; and
  • providing information and advice to members of the public.

We launched as the Money Advice Service in April 2011 once our online, telephone and UK-wide face-to-face advice services were in place.

In April 2012 we took on additional responsibility for funding and improving the quality, consistency and availability of debt advice. Our statutory functions in relation to debt advice, as set out in the Financial Services Act 2012, are to:

  • assist members of the public with the management of debt;
  • work with other organisations which provide debt services, with a view to improving:
  • the availability to the public of those services;
  • the quality of the services provided; and
  • consistency in the services available, in the way in which they are provided and in the advice given.

More information about what we do, how we operate, our research and our opinions can be found in the Publications section of our website.