Friday, 11 July 2014 11:11
Money Advice Service staff costs rise by nearly £5m
The amount spent by the under fire Money Advice Service on staff rose by nearly £5m to £12.1m in 2013-14.
The organisation's annual review, released this week, showed the increase from £7.355m in the year ending 31 March 2013.
MAS was heavily criticised in December after MPs labelled it unfit for purpose and an independent review was launched by the Government.
Total expenditure for MAS in 2013-14 rose by just over £1m to £78.195m, the annual review showed.
Caroline Rookes, the chief executive, who was appointed on 1 February 2013, earns a basic salary of £141,000 and a total of £163,000 with other benefits.
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The five executive directors earned £1.027m in total, including benefits, in the year ending 31 March 2014.
The highest paid were Karen Broughton (£221,000) and Mark Fiander (£202,000).
Seven non-executive board directors were paid £254,000 between them for last year.
In the annual report Ms Rookes addressed concerns raised by MPs about the organisation.
She wrote: "We welcome the independent review of the service announced by the Government in May 2014, and are working closely with Christine Farnish and her team to assist them in their work.
"I am clear that we need to show incontrovertibly how we are helping to address people's needs.
"We will continue to seek out ways to improve our service, to get people to stop, think and engage with their money as they go about their daily routine."
She added her 'delight' at helping those in debt, citing research showing more than three-quarters of those using one of its services said that their debts have become more manageable as a result.
She added: "For all the progress made, however, the scale of the task we face in improving the nation's financial capability does not allow for any complacency."
Those leading the probe into MAS called last week for professionals such as Financial Planners to play an important role by taking part in the consultation and giving their opinions.
The organisation's annual review, released this week, showed the increase from £7.355m in the year ending 31 March 2013.
MAS was heavily criticised in December after MPs labelled it unfit for purpose and an independent review was launched by the Government.
Total expenditure for MAS in 2013-14 rose by just over £1m to £78.195m, the annual review showed.
Caroline Rookes, the chief executive, who was appointed on 1 February 2013, earns a basic salary of £141,000 and a total of £163,000 with other benefits.
{desktop}{/desktop}{mobile}{/mobile}
The five executive directors earned £1.027m in total, including benefits, in the year ending 31 March 2014.
The highest paid were Karen Broughton (£221,000) and Mark Fiander (£202,000).
Seven non-executive board directors were paid £254,000 between them for last year.
In the annual report Ms Rookes addressed concerns raised by MPs about the organisation.
She wrote: "We welcome the independent review of the service announced by the Government in May 2014, and are working closely with Christine Farnish and her team to assist them in their work.
"I am clear that we need to show incontrovertibly how we are helping to address people's needs.
"We will continue to seek out ways to improve our service, to get people to stop, think and engage with their money as they go about their daily routine."
She added her 'delight' at helping those in debt, citing research showing more than three-quarters of those using one of its services said that their debts have become more manageable as a result.
She added: "For all the progress made, however, the scale of the task we face in improving the nation's financial capability does not allow for any complacency."
Those leading the probe into MAS called last week for professionals such as Financial Planners to play an important role by taking part in the consultation and giving their opinions.
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