Mr Hobman said: “I have enjoyed my time here and am proud of the turnaround of the organisation and the imminent upgrade to the service.

“It has a crucial role to play in the financial wellbeing of the country and I am pleased to have been part of it. I will leave with mixed feelings but am reassured in the knowledge that the Service employs dedicated people working very energetically and creatively to help the millions of people who fall into the advice gap every day.”

Gerard Lemos, chairman of the Money Advice Service, said: “I am very grateful for all that Tony has done over the past two years. He has brought the organisation through a challenging transformation period and overseen the initial and forthcoming upgrade to the service which sets us on a path to reach over 11 million people annually in five years time. We wish him well for the future.”



The board will conduct an immediate review of the future role and remuneration of the chief Executive and intends to identify a successor to Mr Hobman by the autumn. Meanwhile, he will continue working during his six month notice period.

The Money Advice Service recently came in for sustained criticism at the Treasury Select Committee with some critics calling it an expensive waste of public money and accused it of offering a poor service, bettered by other commercial websites. It defended itself against these charges but admitted there was room for improvement.

The Money Advice Service is an independent organisation and gives free, unbiased money advice across the UK – online, over the phone and face-to-face. Originally set-up by Government, the service is paid for by a statutory levy on the financial services industry, raised through the Financial Services Authority. Its statutory objectives are to enhance the understanding and knowledge of members of the public about financial matters (including the UK financial system); and to enhance the ability of members of the public to manage their own financial affairs.