The Money and Pensions Service (Maps) has published its 2020/21 Corporate Plan, outlining its strategic priorities and immediate response amid the Covid-19 pandemic.

Whilst initially expected in April, the plan was delayed to allow for a review of how priorities could be “flexed” in response to the ongoing crisis, with further flexibilities expected to evolve “as the Covid-19 situation unfolds”.

The group emphasised that the pandemic was “profoundly impacting the lives of people right across the UK”, highlighting the hit to financial wellbeing in particular.

Maps chief executive, Caroline Siarkiewicz, added that there will be a "long-lasting impact on the finances of many", highlighting women, ethnic minorities, young people and low-income workers as particularly at risk.

Looking at the “critical role” Maps can play in dealing with the crisis, the plan has highlighted a number of initiatives already underway in light of the impact of Covid-19.

For instance, the group has overseen the deliver of additional debt advice and “enhanced money guidance capacity” across the industry.

When lockdown took effect in late March, visits to the money guidance web pages saw a 20 per cent increase to 1.2 million per week, while contact centres provided support to almost twice as many customers as forecast.

Furthermore, since the beginning of April, Maps has supported nearly 99,000 customers online and via phone, with its three consumer websites, the Money Advice Service, The Pensions Advisory Service and Pension Wise, receiving a combined 7.5 million users.

The group predicted that this demand will likely return to normal levels in the near term, with potential for spikes later in the year due to economic issues, such as scheme closures as a result of business failure.

This work has been supported primarily by a £34.8m influx in funding from HM Treasury expected to "maintain and increase frontline delivery" amid the pandemic, whilst Maps also re-prioritised its existing budget to direct a further £3m in funds.

A further £5.9m has also been allocated to Scotland, Wales and Northern Ireland in line with the devolution of debt advice funding, with Maps stating that it will “work closely with the Devolved Administrations” to ensure a coordinated response.

Maps has also adapted the guidance and support available to be better suited to helping consumers understand and work through the impact of the pandemic on their money and pensions.

This can be seen, for instance, through the provision of a new online Coronavirus Hub or its new Facebook group, Coronavirus and your money.

The group is also convening with over 140 partners and stakeholders to develop a “coordinated response” to help those impacted by the pandemic, both in the short and long term.

This work will be led by the 11 Challenge groups which, whilst initially set up to address the key strategy financial priorities for the UK, have now been redirected in light of the ongoing crisis.

These groups are expected to make their recommendations as to how to rebuild people’s financial wellbeing in the wake of Covid-19 this Summer.

As such, the timeline for the groups to deliver their full recommendations in relation to the UK Strategy national goals has been extended by six months, to December 2020, with the deliver plans for the four nations in turn postponed until Spring 2021.

Whilst perhaps less a focus on the corporate plan than expected, Maps has now outlined the groundwork for the development of the UK Strategy for Financial Wellbeing over the next 10 years.

The strategy, which was announced in January, aims to get 5 million more workers saving for later life, with a number of sector leaders supporting this initiative.

Aside from its immediate response to Covid-19, Maps also outlined key goals for the upcoming financial year.

This includes “creating a movement” of different organisations working towards a collective goal, as well as “deliver for customers” through the development and implementation of the pensions dashboard.

Maps chair, Sir Hector Sants, added: “In these uncertain times, Maps has a critical role to play in the UK response to Covid-19 and enabling everyone to make the most of their money and pensions.

“We are at a pivotal moment in our journey. We have a long-term vision, and a ten-year strategy to transform financial wellbeing across the UK which sets deliberately ambitious goals.

"In this plan for 2020/21 we set out not only how we will maintain progress towards these goals but also how we will respond to the current crisis, including boosting the provision of debt advice and mobilising dozens of partners as we prepare to take on the future challenges caused by the pandemic.

"Now we need to deliver so that we make a real difference to the lives of people across the UK.”

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