MaPS publishes Corporate Plan detailing key priorities and Covid-19 support

The plan was due to be published at the beginning of April but has been delayed to allow a review of how priorities will be flexed in response to the pandemic. These will continue to evolve as the Covid-19 situation unfolds. A cover note sets out this updated approach, which includes areas of short-term focus while also laying the groundwork for the delivery of the UK Strategy for Financial Wellbeing in the next ten years.

Since the beginning of April, MaPS’ services have already supported nearly 99,000 customers online and on the phone. The three consumer websites – for the Money Advice Service, The Pensions Advisory Service and Pension Wise – have had nearly 7.5 million users.

• Deliver for customers, by leading sector-wide initiatives to enhance the quality and capacity of guidance services, building on the foundations of MaPS’ legacy organisations (the Money Advice Service, The Pensions Advisory Service and Pension Wise), and by developing and implementing pensions dashboards.
• Build strong foundations to create a great organisation for the future driven by values of caring, connecting and transforming.

Further MaPS activity already under way in response to the impact of Covid-19 on financial wellbeing includes:

• Overseeing the delivery of additional debt advice and enhanced money guidance capacity across the sector, with £38m of additional funding announced by HM TreasuryOpens in a new window last week.
• Adapting the guidance and support available to help consumers understand and work through the impacts of Covid-19 on their money and pensions.
• Convening partners and stakeholders to create a coordinated response to support people impacted by Covid-19, both immediately and in the longer term.
   

Caroline Siarkiewicz, Chief Executive at the Money and Pensions Service, said:

“The importance of transforming financial wellbeing across the UK has been forcefully brought home by events of the past few months. Covid-19 is a health emergency which will have a long-lasting impact on the finances of many, and it will impact some even more harshly than others. We already know women, ethnic minorities, young people and low-income workers are at particular risk.

“Our vision of everyone making the most of their money and pensions doesn’t just apply in the better times but is also about increasing resilience for when the bad times hit. To realise our vision, and make a real difference, we need to reach more people throughout their whole lives, an ambition which can only be achieved by working closely with our many, committed stakeholders and partners.”

Sir Hector Sants, Chair of the Money and Pensions Service, said:

“Financial wellbeing is fundamental to personal wellbeing, from our physical and mental health to our relationships and ability to plan for the future. In these uncertain times, the Money and Pensions Service has a critical role to play in the UK response to Covid-19 and enabling everyone to make the most of their money and pensions. We welcome the additional funding provided by Government which will allow us to fund a significant increase in debt advice capacity – an important element of our response to the economic uncertainty arising from the outbreak.

“We are at a pivotal moment in our journey. We have a long-term vision, and a ten-year strategy to transform financial wellbeing across the UK which sets deliberately ambitious goals. In this plan for 2020/21 we set out not only how we will maintain progress towards these goals but also how we will respond to the current crisis, including boosting the provision of debt advice and mobilising dozens of partners as we prepare to take on the future challenges caused by the pandemic. Now we need to deliver so that we make a real difference to the lives of people across the UK.”

– ENDS –

The Key Performance Indicators in the original Corporate Plan are indicative of the goals which were set before the Covid-19 outbreak. They are for MaPS to deliver:

• 580,000 debt advice sessions
• 255,000 money guidance sessions
• 440,000 tailored pension guidance sessions
• 1.8 million digital interactions.

In advance of extra funding agreed for the Covid-19 response, MaPS total budget for 2020/21 was £140.9 million. This breaks down as:

• £129.7 million resource spending
• £0.4 million capital spending
• £10.8 million for the Pensions Dashboards Programme.

MaPS is funded via two levies: The Pensions General Levy on pension schemes collected by The Pensions Regulator; the Financial Services levy collected by the FCA.