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MPs to grill Mark Hoban over Money Advice Service

Mark Hoban 480 Treasury

Treasury financial secretary Mark Hoban is to be grilled by MPs on Wednesday about the Money Advice Service as part of the Treasury sub-committee’s inquiry.

The Treasury sub-committee launched a wide-ranging inquiry into MAS on 2 May and in June MPs quizzed FSA chairman Lord Adair Turner, FCA chief executive designate Martin Wheatley, MAS chairman Gerard Lemos and chief executive Tony Hobman.

Moneysavingexpert.com founder Martin Lewis told the inquiry the MAS online tools were “crap” and he would be “embarrassed” to have them on his website.

Committee member and Labour MP George Mudie said MAS was “scrambling around” for a purpose while Tory MP Mark Garnier, another committee member, said it had “lost its direction”.

MAS has come under fire for its £19m marketing spend, its accountability and its chief executive’s pay. Hobman resigned in July.

Hoban will be joined by chief executive of Citizens Advice Gillian Guy at 2.15pm on Wednesday.

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  • Imran 4th September 2012 at 10:19 pm

    Dave – I do not think many mortgage advisers are worth £47,500, the requirements to become a mortgage adviser are a joke – security guards hold CeMAP certificates these days – its not a difficult qualification to obtain.
    Banning commission will mean less IFA’s (won’t affect those that deal HNW) and likely to see an increase of direct sales forces from Banks and Insurance Companies. Good time to start a claims company as we could see a rise in misselling also.

  • Dee 4th September 2012 at 5:00 pm

    Oddly enough, just read he’s been switched to DWP as Employment Minister. So who’s arse is Cameron protecting here?

    He should have gone out of this role a long time ago. he has never understood our industry and has backed up his chums at the FSA all the way from day One. Isn’t he the guy who claimed that we are less qualified than a McDonalds manager?

  • Dee 4th September 2012 at 5:00 pm

    Oddly enough, just read he’s been switched to DWP as Employment Minister. So who’s arse is Cameron protecting here?

    He should have gone out of this role a long time ago. he has never understood our industry and has backed up his chums at the FSA all the way from day One. Isn’t he the guy who claimed that we are less qualified than a McDonalds manager?

  • dave 3rd September 2012 at 4:10 pm

    £19 million pounds is an incredible sum to spend on marketing for a service as useless as this.

    That would pay for 400 or more professional, qualified mortgage advisers – which option would benefit the consumer more?