The Money and Pensions Service (MaPS) has announced the launch of its ‘MaPS Standards’.
The MaPS Standards have been developed by a wide range of subject matter experts. Through a considered and collaborative process, they set out the core principles for the effective delivery, quality and performance requirements of MaPS’ Debt Advice, Pensions Guidance and Money Guidance functions.
These principles will apply not only to the services MaPS directly delivers but also services delivered on its behalf by its partners, to improve people’s financial knowledge, help them make the right decisions and enhance their financial wellbeing.
Whilst the Standards apply to MaPS services and the partners it funds, it is important that they align with standards for Information, Advice and Guidance (IAG) across the UK. MaPS will be working closely with its stakeholders across the UK, including in the Devolved Administrations, to use the standards as a platform for innovation, collaboration and greater integration.
Caroline Siarkiewicz, Chief Executive of MaPS says:
“We have consulted with the Financial Conduct Authority during the development of the MaPS Standards and are pleased to have received their endorsement. They form part of our statutory mandate and bring together the expertise and experience of our legacy organisations and the learning gained since MaPS was launched in January 2019.
“The MaPS Standards will set the bar for how we should be working to support, engage and deliver for our customers and they will become a fundamental part of our core operating model. They will ensure that everyone in the organisation and our commissioned services has a framework from which to deliver the best consumer experience; to deliver a consistent, high quality of service aimed at improving people’s financial knowledge and to make informed decisions about their money.
“The MaPS Standards complement our UK national goals and our ten-year strategy: in particular to deliver 2 million fewer people using credit for everyday essentials, 2 million more people saving regularly and 2 million more young people receiving a meaningful financial education by putting in place core principles for the effective delivery of our services.”
MaPS will evaluate the standards annually and the success of their launch will be measured by ensuring that everyone within the organisation and its delivers partners is informed and empowered to deliver the MaPS Standards going forward.
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About the Money and Pensions Service
The Money and Pensions Service (MaPS) is here to ensure every person feels more in control of their finances throughout their lives: from pocket money to pensions. When they are, communities are healthier, businesses are more prosperous, the economy benefits and individuals feel better off. MaPS delivers free and impartial money and pensions guidance to the public through the Money Advice Service, The Pensions Advisory Service and Pension Wise.
MaPS is working to make sure the whole of the UK understands that financial, physical and mental health are all deeply connected. MaPS’ role is to connect organisations with the shared purpose of achieving the five goals set out in the UK Strategy for Financial Wellbeing.
MaPS supports innovation so that everyone can use the most effective methods to help people feel more in control of their money, targeted to those most in need and inclusive of people from all backgrounds. MaPS is an arm’s-length body sponsored by the Department for Work and Pensions (DWP).