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7 June 2012
The Investment Management Association (IMA) has responded to the Treasury Select Committee's inquiry into The Money Advice Service (MAS).
IMA supports the overall objectives but has recommendations on how it could improve the breadth and depth of its impact across the UK.
Stronger working relationships with experts and more focused communications with its stakeholders, based on robust evaluation, would build MAS's reputation, demonstrate value for money and improve accountability.
IMA also urges MAS to position itself as the central pillar for financial education provision. It should complement and support other providers and raise public awareness about their services. Most importantly, it needs to incorporate financial education in schools into its National Financial Education Strategy.
Victoria Nye, IMA Director of Training and Education said:“MAS provides a valuable service. We would like to see as many UK consumers benefiting from it as possible. MAS cannot not rely on consumers taking the initiative; it should work with partners to encourage people to be more proactive and to seek financial advice. And the critical foundation to this encouragement has to be financial education in schools.”