Money and Pensions Service unveils new ‘standards’

01 Jun 2021

The Money and Pensions Service (Maps) has announced the launch of the ‘Maps Standards’.

These standards outline the core principles for the “effective delivery, quality and performance requirements of Maps’ debt advice, pensions guidance and money guidance functions”, says a Pensions Age report.

As well as the Maps services, the standards will also apply to services delivered by partners, to bolster savers’ financial knowledge and help them make informed decisions.

The standards were established with help from a broad range of experts, including the Financial Conduct Authority (FCA), which has since advocated the principles.

The Money and Pensions Service highlighted the significance of the standards being in line with wider standards for information, advice and guidance across Britain, adding it will be working “closely” with stakeholders throughout the UK.

CEO of Maps, Caroline Siarkiewicz added that the principles are part of the group’s statutory mandate, combining the expertise of the legacy organisations and the experience gained since Maps launched back in 2019.

She went on to say: “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,” she added.