Costs for the Money Advice Service have almost doubled to £87m after it agreed to take on extra responsibility, according to the Financial Services Authority.

It already costs £46.3m to run the service and will need a further £40.5m after agreeing to provide debt advice.

Debt advice was previously funded by the Department for Business, Innovation and Skills.

Funding for the new debt advice sector will be split between A.1 deposit acceptors who will pay 15 per cent and A.2 home finance providers and administrators who will pay 85 per cent.

Some £20m of the total sum is expected to be spent on marketing and raising awareness of the service.

The MAS, which was set up in April 2011, hopes to have 1.9m users by 2012/13 and increase this to 11.3m by 2016/17.

Tony Hobman, chief executive of the Money Advice Service, said: “The Money Advice Service was set up to address one of the Nation’s endemic problems: poor understanding and management of personal finances.

“We have come a long way, but there’s a lot more to do. We are highly ambitious for the Service in 2012/13 and beyond, to achieve our vision to enhance people’s lives because they take control of their money as a matter of course.”

The figures are part of the FSA consultation on its Annual Funding Requirements, published earlier this week.

The fees for small adviser firms are expected to remain the same as last year, at £1,000.