Money and Pensions Service

{{Short description|UK government agency}}

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| founded_date = 2019

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| predecessor = Money Advice Service, Pensions Advisory Service, Pension Wise

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| location = London

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| area_served = United Kingdom

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| services = Debt advice and support

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| website = {{URL|www.moneyandpensionsservice.org.uk}}

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The Money and Pensions Service (sometimes stylised as Money & Pensions Service or MaPS) is a British organisation whose statutory objective is to develop and co-ordinate a national strategy to improve people's financial capabilities.{{cite speech |last=Glen |first= John |title= Breathing Space Scheme |date= 19 June 2019 |location= House of Commons |publisher=They Work For You |url= https://www.theyworkforyou.com/debates/?id=2019-06-19a.245.3 |access-date= 21 June 2019 |language=English}}{{cite web |title=New five-year strategy to greater target those most in need of debt advice |url=https://www.moneyadviceservice.org.uk/en/corporate/new-five-year-strategy-to-greater-target-those-most-in-need-of-debt-advice/preview|website=Money Advice Service}} The service provides impartial, free money and pensions guidance directly to consumers online and by telephone. Through partnerships, it also provides debt advice and pensions freedoms guidance to consumers, along with offering organisations such as employers syndicated money guidance content from its website.

The organisation was set up by the UK Government and is paid for by a statutory levy on the financial services industry.{{cite web |url= https://www.ftadviser.com/pensions/2019/04/10/industry-to-pay-36-9m-for-pension-guidance/|title= Industry to pay £36.9m for pension guidance |last=Addison|first=Rachel|date=10 April 2019|website= FT Adviser|access-date=21 June 2019}} It is an arm's-length body of the Department for Work and Pensions.{{cite web |title=Who we are |url=https://moneyandpensionsservice.org.uk/who-we-are/|website=Money and Pensions Service}}{{cite web |url= https://corporate-adviser.com/sfgb-rebranded-money-and-pensions-service/|title= SFGB rebranded 'Money and Pensions Service'|last=Simon|first=Emma|date=4 March 2019|website= Corporate Adviser|access-date=3 July 2019}}

MaPS is the largest funder of debt advice in England.

The service's chair is Sir Hector Sants.{{cite web |url= https://www.thetimes.com/business-money/companies/article/sants-on-mission-to-cure-financial-misery-jz7kkqrfr |title= Hector Sants on mission to cure financial misery |last=Hosking|first=Patrick|date=20 May 2019|website= The Times|access-date=29 May 2019}} In January 2020, Caroline Siarkiewicz was appointed as CEO.{{Cite web|last=|first=|date=|title=MaPS confirms Siarkiewicz as permanent CEO|url=https://www.ftadviser.com/pensions/2020/01/28/maps-confirms-siarkiewicz-as-permanent-ceo/|access-date=|website=}}

History

The service was launched in January 2019, combining the Money Advice Service, The Pensions Advisory Service and Pension Wise to form a single financial guidance body.{{cite web |title=Home |url=https://moneyandpensionsservice.org.uk/ |website=The Money and Pensions Service}} The decision to merge the organisations into one body was originally announced in March 2016 by HM Treasury and confirmed in the Queen's Speech of June 2017.{{cite web |url= https://www.bbc.co.uk/news/business-35820752|title= Budget 2016: Money Advice Service to be abolished |last=Milligan|first=Brian|date=16 March 2016|website= BBC News|access-date=29 May 2019}}{{cite web |url= https://www.ftadviser.com/your-industry/2017/06/21/new-pensions-minister-to-merge-guidance-bodies/|title= New pensions minister to merge guidance bodies|last=Murray-West|first=Rosie|date=21 June 2017|website= FT Adviser|access-date=29 May 2019}} In March 2021, MaPS announced that it would be consolidating its three legacy consumer brands into one brand called MoneyHelper, to provide a better and enhanced consumer experience and a single source of information and guidance.{{Cite web|url=https://www.ftadviser.com/pensions/2021/03/19/maps-to-scrap-legacy-brands-and-operate-as-moneyhelper/|title=Maps to scrap legacy brands and operate as MoneyHelper - FTAdviser.com}}

References

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