A Quick Look at The Money and Pensions Service
In early 2019, the Single Financial Guidance Body was formed. Later that year, it was rebranded as the Money and Pensions Service (MaPS) and launched to the wider community. An understanding of MaPS is particularly relevant to the CII’s R01, R04, R06, and CF1 examinations, so in this article, we take a quick look at the new service.
MaPS brings together and, in time will replace, three existing financial guidance bodies: the Money Advice Service, The Pensions Advisory Service, and Pension Wise.
Its mission is to ensure everyone in the UK can easily access the information they need to make the right decisions for them throughout their lives, making the most of their money and pensions. It is the largest single funder of free debt advice in England.
Five Core Functions
MaPS aims to deliver its mission across five core functions:
- Pension guidance – Via The Pensions Advisory Service, it provides expert help to those with pension queries. Via Pension Wise, it supports those aged 50+ in making decisions regarding their defined contribution pension pots.
- Debt advice – Working with delivery partners, MaPS provides free and effective debt advice as well as support for debt advisers.
- Money guidance – Under the Money Advice Service brand, it provides free, impartial money guidance through its call centre and online via its website and webchat function.
- Consumer protection – MaPS is working with the Financial Conduct Authority (FCA) to help prevent consumers’ becoming victims of financial scams.
- The Service is looking to provide a point of focus for those working on financial capability with children and young people and delivering debt advice. This is provided under the new ‘UK Strategy for Financial Wellbeing’ brand.
In addition to the UK Strategy for Financial Wellbeing, MaPS is involved in a number of initiatives designed to improve the nation’s financial capability, including:
- Talk Money Week – a dedicated time slot to encourage people to open up about their finances with a view to improving their physical, mental, and financial wellbeing.
- Debt advice funding – increasing free debt advice capacity in England, particularly in light of increased demand due to COVID-19.
- PACE (Pilot of Adviser Capacity and Efficiency) – a technology-focused pilot to make accessing free debt advice quicker and more efficient.
- Pensions dashboards – to enable individuals to view all of their pension savings in one place.
- Money guiders – a competency framework to support those who provide money guidance as part of their role.
Although MaPS is sponsored by the Department for Work and Pensions, it is funded by levies on the financial services industry and pension schemes.
Grab the resources you need!
If you’re studying for your CII R04 exam, grab our free taster to try out one of Brand Financial Training’s mock exam papers for yourself. Click the link to download the R04 mock exam taster now!
Alternatively, you can download the taster for CF1, R01, or R06 if you are planning to sit one of those exams.
Information in this article is correct as at 27 January 2021.