Maps announces launch of new standards

The Money and Pensions Service (Maps) has announced the launch of the ‘Maps Standards’, setting out the core principles for the effective delivery, quality and performance requirements of Maps’ debt advice, pensions guidance and money guidance functions.

In addition to the services provided by Maps directly, the standards will apply to the services delivered by partners on behalf of Maps, to improve savers’ financial knowledge and help them to make informed decisions and enhance their financial wellbeing.

The principles were developed with support from a wide range of subject matter experts, including a consultation with the Financial Conduct Authority (FCA), which has since endorsed the standards.

Maps emphasised that it was important that the principles align with the broader standards for information, advice and guidance across the UK, confirming that it will be working "closely" with stakeholders across the UK to use the standards as a platform for collaboration and greater integration.

Maps chief executive, Caroline Siarkiewicz, also explained that the standards form part of the groups statutory mandate, bringing together the expertise and experience of the legacy organisations and the learning gained since the launch of Maps in 2019.

She continued: “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.”

Maps stated that it will evaluate the standards annually.

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