The Money and Pensions Service’s vision is “Everyone making the most of their money and pensions.“
We are an arm’s-length body, sponsored by the Department for Work and Pensions, with a joint commitment to ensuring that people throughout the UK have guidance and access to the information they need to make effective financial decisions over their lifetime. We deliver this across five core functions.
We are funded by levies on both the financial services industry and pension schemes.
To find out more about our plans for the coming year – read our business plan.
We were created under the Financial Guidance and Claims Act 2018 and bring together three respected providers of financial guidance
We deliver across five core functions
Our five core functions
1. Pension guidance
We provide information to people about workplace and personal pensions. In 2019/20 our trained pensions experts will help 290,000 people with their pensions queries along with expert help on our website at pensionsadvisoryservice.org.uk.
We will also support 205,000 people aged 55+ to make decisions on their defined contributions pension pots through our Pension Wise service at pensionwise.gov.uk
2. Debt advice
We provide people in England with information and advice on debt and are the biggest funder of free debt advice.
In 2019/20 we will continue to work with our delivery partners to support 560,000 customers to get free and effective advice while driving up the quality of debt advice and providing training and support to advisers on the ground.
3. Money guidance
We provide information designed to enhance people’s understanding and knowledge of financial matters and day-to-day money management skills.
In 2019/20 we will provide free, impartial money guidance to millions of people through our website moneyadviceservice.org.uk, our call centre and our webchat service.
4. Consumer protection
We will work with government and the Financial Conduct Authority (FCA) in a new remit to protect consumers against financial scams.
We will support the efforts of the wider financial services industry to protect consumers and begin to gather and share actionable insights to help the sector decide where best to prioritise its efforts.
We will focus the efforts of everyone working on financial capability with children and young people and delivering debt advice.
In 2019/20 we will publish a national strategy with the goal of driving significant, coordinated change over the longer term, building on the work of the Financial Capability Strategy for the UK.
Sir Hector Sants
” The new organisation has a clear mission to help everyone manage their personal finances as well as their circumstances allow across the nation. We are creating an organisation which is seen as transparent, accountable, effective and above all respected by all, working hand-in-hand with the industry, our staff and our partners.”