Uncategorised | The Money and Pensions Service

The Money and Pensions Service (MaPS) is encouraging people to pay extra attention to their financial wellbeing during the coronavirus pandemic, and to consider what protective steps they can take now to avoid money worries later on. With coronavirus likely to cause disruption for a significant amount of time this year, the government-backed organisation is urging people to spend some time...

MaPS responds to the FCA’s press release highlighting the continued support for consumers struggling with payments. James Fearnley, Corporate Policy and Propositions Manager at the Money and Pensions Service said: “It’s crucial that people who are struggling to make credit and mortgage repayments don’t suffer in silence, particularly those who have been hit hardest by the financial...

Jemma Waters leads the Responsible Transformation team at Lloyds Banking Group (LBG), working on initiatives to drive positive societal impact and sustainability through technology. As part of this, Jemma’s team deliver the LBG commitment to the digital inclusion and skills agenda, providing confidence and capability support via the Lloyds Bank Academy and a colleague volunteer Digital...

The Independent Challenge Chairs for the UK Strategy for Financial Wellbeing have today published their report Building the UK’s financial wellbeing in the light of Covid-19. Sir Hector Sants, MaPS Chair, said: “When, at the start of 2020, MaPS invited 140 industry leaders to join the independent Challenge Groups to work towards the National Goals of the UK Strategy for Financial...

Nest Insight have today published the first of a series of briefing papers on their sidecar savings trial. Michael Royce, Senior Policy and Proposition Manager at the Money and Pensions Service said: “Evidence suggests that being able to build short-term savings for goals and emergencies is a key component of financial wellbeing. But we also know that many barriers to saving exist which...

97% of appointment customers have already recommended the service to others or say they would do so 91% of appointment customers said Pension Wise helped them consider their options more thoroughlyMore than threefold increase in overall Pension Wise transactions since the service began Rising numbers of people accessed guidance offered by Pension Wise in...

Rising numbers of people accessed guidance offered by Pension Wise in 2019/20, with a 23% increase in customers arranging appointments face to face and over the phone, and customers showing greater confidence in making pensions access decisions after using the service.     Download report

Valentine Mulholland, Senior Policy and Propositions Manager at the Money and Pensions Service said: “The measures confirmed today will be helpful for people with credit or overdraft commitments who continue to face financial difficulty after the end of October. If people are still struggling with their finances at the end of payment holidays, they shouldn’t suffer in silence. It’s crucial...

The Money and Pensions Service welcomes the opportunity to provide feedback on thesetwo pieces of proposed guidance for firms on how to support consumers at the end of theperiods of payment deferrals on overdrafts and wider consumer credit. Download report

Chancellor Rishi Sunak has today announced details of a new Job Support Scheme amongst a package of other measures to support business and workers impacted by coronavirus over the coming months. Alex Connolly, Chief Operating Officer at the Money and Pensions Service said: “We know how worried many people are about money right now, including those whose jobs continue to be impacted by...

People urged to consider financial wellbeing during coronavirus pandemic

Media comment: FCA’s continued support for consumers struggling with payments

Four ingredients for digital inclusion

MaPS Chair Sir Hector Sants responds to Building the UK’s financial wellbeing in the light of Covid-19 report

Media comment: Nest Insight sidecar savings trial

Pension Wise appointments see 23% increase in 19/20

Pension Wise service evaluation 2019/2020

Media comment: FCA’s continued support for consumer credit and overdraft customers

FCA additional guidance for firms on consumer credit and coronavirus, and overdrafts and coronavirus

Media comment: Job Support Scheme and money guidance

Coronavirus and personal finances