He succeeds Caroline Rookes who announced she would be stepping down in the Autumn.

MAS is set to be axed in its current form and merged with TPAS and Pension Wise to form a single financial guidance body before the end of 2018.

Mr Counsell is also a board member at The Pensions Regulator where he has been involved in the introduction of automatic enrolment. He was awarded an OBE in the 2017 New Year’s honours for services to workplace pension reform.

He joined the Pensions Regulator in 2011 after a career leading transformational change as a consultant.

Mr Counsell said: “My experience of guiding organisations though periods of profound change will I’m sure be invaluable as we move towards establishing the new single financial guidance body.”

Andy Briscoe, chair of the Money Advice Service, said: “I am delighted that Charles Counsell will be joining us as CEO. I believe he is ideally qualified to continue the successful delivery of the Money Advice Service’s work across the UK, and to manage the transition to the new Single Financial Guidance Body proposed by Government.”

He said: “Charles has a wealth of experience in a number of key areas. He is passionate about tackling financial capability, understands the challenges surrounding crisis debt advice, and combines this with an excellent track record in managing complex transition projects. He is also very experienced in managing complex stakeholder relationships and is well-known and respected within Government and the sectors we engage with.”

Mr Counsell will join the Money Advice Service on 5 June 2017. He will formally join the board at its meeting in June. Caroline Rookes will continue as CEO until Charles joins, to ensure a smooth transition.

Mr Counsell added: “Making sure people have easy access to the guidance they need to steer through critical financial issues is very important to the UK, and I am both honoured and excited to have the chance to build on the Money Advice Service’s work so far.”

The appointment was made by the Financial Conduct Authority and approved by HM Treasury.

FCA Chairman John Griffiths-Jones said: “I look forward to working with Charles and maintaining the good relationship between the FCA and MAS whilst building on the good progress made by MAS under Caroline’s leadership.”