A review of the Money Advice Service should be considering its abolition and will fail to address serious concerns by not doing so, the chairman of the Treasury Committee has told the Chancellor.

A Treasury Committee member with a background in software engineering says automated advice is an inadequate substitute for a human adviser and suggested its potential is over hyped.

The advice gap appears to have been lifted up the list of priorities for the industry, an IFP board director says, after FCA chiefs were grilled by MPs this week.

A Treasury Committee member has questioned FCA chiefs this morning over how they expect the problem of potentially 16 million people falling through the so called advice gap to be solved.