About the Money and Pensions Service The Money and Pensions Service (MaPS) brings together the free services previously delivered by the Money Advice Service, The Pensions Advisory Service and Pension Wise. MaPS offers customers guidance and appointments over the telephone, online and in person. The MaPS vision is: 'everyone making the most of their money and pensions.' MaPS is an arm's-length body sponsored by the Department for Work and Pensions (DWP), and it has a joint commitment to provide access to the information and guidance people across the UK need, to make effective financial decisions over their lifetime. The organisation also engages with HM Treasury on policy matters relating to financial capability and debt advice. For further information visit the Money and Pensions Service website www.moneyandpensionsservice.org.uk Coronavirus Debt Advice Support Package The coronavirus pandemic has had a significant impact on the economy and people's personal finances and we expect demand for debt advice services to increase. In June, MaPS secured an extra £38 million for a 'Coronavirus Debt Advice Support Package'. Work has already been taking place to allocate this funding - designed to help providers deliver advice to more people in England who may be experiencing financial problems due to coronavirus - and we are now launching the next phase of activity. Improving Digital Capability of Money Guidance and Debt Advice We are delighted to announce an initial £7 million of funding in 2020/21 aimed at improving our digital money guidance and debt advice offering and building our capability to allow more people to access the support they need digitally. In the first instance, to help us understand what already exists in addition to capacity and capability in the sector, we are launching an early market engagement process covering two strands. Creating new digital debt advice capacity in England - aimed at increasing the capacity of high-quality, free-to-customer debt advice by investing in digital services and capabilities. Improving Digital Money Guidance across the UK - aimed at improving the money guidance journey and hand-off those most in need to get intensive debt advice. Our focus is creating an approach to holistic guidance that helps customers understand their financial picture and access the services that are best suited to meet their needs. Through earlier preventative interventions in the money guidance journey, we may ease some of the demand on the debt advice sector.
Holborn Centre, 120 Holbornholborn Centre, 120 Holborn
Published: 12 Aug 2020, Receipt by: 29 Aug 2020
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