The Chartered Insurance Institute and its PFS arm have voiced support for free, impartial public financial guidance in response to Treasury proposals - but say the new body must have a statutory duty to 'champion' the benefits of professional financial advice.

The Financial Services Consumer Panel has raised concerns that the abolition of MAS could leave consumers stranded and without a source of impartial financial guidance.

The Money Advice Service is offering £7m to organisations around the country in a bid to learn more about improving people’s ability to manage money better on a day to day basis.

Over 20,500 people have clicked on an advisers' contact details on the Money Advice Service’s online retirement adviser directory – more than doubling since October.