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Money and Pensions Service

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From Wikipedia, the free encyclopedia
Money and Pensions Service
PredecessorMoney Advice Service, Pensions Advisory Service, Pension Wise
Founded2019
HeadquartersBedford Borough Hall, Bedford
Region served
United Kingdom
ServicesDebt advice and support
Websitewww.moneyandpensionsservice.org.uk

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.[1][2] 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.[3] It is an arm's-length body of the Department for Work and Pensions.[4][5] The organisation is headquartered in Bedford.[6]

MaPS is the largest funder of debt advice in England. The service's chair is Sara Weller, who was appointed in 2023.[7] Oliver Morley was appointed as CEO in 2023.[8]

History

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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.[9] 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.[10][11] 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.[12]

References

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  1. ↑ Glen, John (19 June 2019). Breathing Space Scheme (Speech). House of Commons: They Work For You. Retrieved 21 June 2019.
  2. ↑ "New five-year strategy to greater target those most in need of debt advice". Money Advice Service.
  3. ↑ Addison, Rachel (10 April 2019). "Industry to pay £36.9m for pension guidance". FT Adviser. Retrieved 21 June 2019.
  4. ↑ "Who we are". Money and Pensions Service.
  5. ↑ Simon, Emma (4 March 2019). "SFGB rebranded 'Money and Pensions Service'". Corporate Adviser. Retrieved 3 July 2019.
  6. ↑ "Jobs available as Money and Pensions Service relocates to Bedford". Bedford Today. 31 October 2022. Retrieved 26 March 2026.
  7. ↑ "Sara Weller CBE appointed new Chair of the Money and Pensions Service". GOV.UK. Department for Work and Pensions. 13 February 2023. Retrieved 26 March 2026.
  8. ↑ "Oliver Morley to depart PPF and take up CEO role at Maps". Professional Pensions. 16 October 2023. Retrieved 26 March 2026.
  9. ↑ "Home". The Money and Pensions Service.
  10. ↑ Milligan, Brian (16 March 2016). "Budget 2016: Money Advice Service to be abolished". BBC News. Retrieved 29 May 2019.
  11. ↑ Murray-West, Rosie (21 June 2017). "New pensions minister to merge guidance bodies". FT Adviser. Retrieved 29 May 2019.
  12. ↑ "Maps to scrap legacy brands and operate as MoneyHelper - FTAdviser.com".
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