An independent review is being carried out into its efficacy and whether its £81m Budget is justified after MPs labelled it unfit for purpose.

The role of the MAS has arguably become even more important this month after the Government named it as one of two bodies to implement its retirement guidance service - a move criticised by chairman of the Treasury Committee, Andrew Tyrie MP, who has been scathing about the organisation.

Christine Farnish, who was tasked by the Government to lead an independent review into the organisation's efficiency, said she had 'particular' interest in the views of planners and others in the advice sector.
She urged them to come forward and take part in the review but the chance to comment ends on September 2.
Financial Planner James Pearcy-Caldwell CFP^CM, chief executive of AISA Professional, wrote a letter to Financial Planner Magazine earlier this year calling for the body to be axed.
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He said: "It is time that the Money Advice Service with its quite incredible, and vastly overinflated, budget was cut altogether as it absolutely fails in its aims, and I believe is not required."
The probe into MAS will scrutinise its role in the light of the Budget reforms and the increased flexibility it gave retirees with their pensions.
It will look at how well it is performing measured against its statutory objectives and how it is working with bodies across the "financial education and debt advice landscape to ensure consumers' needs are best met".
Ms Farnish said: "There are important questions to consider about how MAS best works with others to meet changing consumer needs for information, education and advice on financial matters.
"I look forward to exploring these questions in greater depth – and am keen to hear from a wide range of stakeholders with an interest in helping ensure consumers are more savvy about managing their money and getting a better deal from financial services markets.
"I am particularly interested in hearing from other organisations active in the wider financial guidance, advice and education market and from the financial services industry."
Caroline Rookes, chief executive of MAS, has defended the organisation after the criticism from MPs.

Key points about what the review will do:
• Make an assessment of the need for consumer education and advice, including how this may evolve as, for example, individuals have greater freedom over their retirement options, and the role that MAS should play in the wider consumer education and advice landscape;
• Assess how effectively and efficiently MAS is meeting this need through its current approach and delivery models; and
• Recommend any changes to MAS's approach and delivery models that would enable it to better meet this need.