An announcement has been made on the outcome of this appointment.
Sara Weller CBE appointed new Chair of the Money and Pensions Service The Department for Work and Pensions (DWP) has announced the appointment of Sara Weller CBE as the new permanent Chair of the Money and Pensions Service (MaPS).
From: Department for Work and Pensions Published 13 February 2023
Sara has been serving as a non-executive board member since September 2022 and will formally take up the role of permanent Chair on 29 March 2023.
Her prior experience includes serving as Joint Managing Director of Sainsbury’s, Managing Director of Argos, and non-executive director and Responsible Business Committee Chair at Lloyds Banking Group.
Minister for Pensions, Laura Trott said:
It’s brilliant to see Sara appointed as the permanent Chair of MaPS Sara will bring a wealth of experience to this challenging but rewarding role, continuing the work of her predecessor in supporting people across the country with vital money guidance.
Economic Secretary to the Treasury, Andrew Griffith said:
I’d like to welcome Sara to her new post as Chair of MaPS, and to thank Sir Hector for his successful leadership over a number of years.
Sara’s expertise in delivering for the consumer will ensure MaPS is well geared in the years ahead – taking forward vital work enhancing the financial capability of people across the country.
Sara Weller CBE, said:
I am delighted to have been appointed as the second Chair of the MaPS, with great thanks to Sir Hector Sants for his stewardship of MaPS in its early years.
MaPS has a key role to play making impartial money guidance accessible to all, particularly so at the moment given the current economic challenges, and I look forward to working closely with our many partners, to help people right across the country feel more able to manage their money.
Outgoing Chair of MaPS, Sir Hector Sants said:
I warmly welcome the appointment of Sara as my successor. In her current role, as a non-executive, she has already made a significant contribution to the work of MaPS.
MaPS is an arm’s-length body of the DWP and provides free and impartial MaPS guidance across the UK, as well as debt advice in England. In providing these services it supports the policy delivery of DWP and HM Treasury.
The appointment was made following an open competition regulated by The Office for the Commissioner of Public Appointments. Sara will serve as Chair of MaPS for five years until 28 March 2028.
Further Information The Chair is entitled to an annual remuneration of £80,000 per year, based on a time commitment of 21 hours per week.
For information about MaPS: [The Money and Pensions Service Building financial wellbeing (maps.org.uk)](https://maps.org.uk/)
- Panel Member
- Katie Farrington
- Director General, Disability, Health and Pensions, DWP Departmental Official
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- Panel Member
- John Owen
- Director, Financial Services, HMT Other Panel Member
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- Panel Member
- Ann Harris
- Senior Independent Director, MaPS Representative of Organisation
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- Panel Member
- Mark Adison
- Former OCPA appointed Public Appointments Assessor Independent Member
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The Money and Pensions Service’s (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). MaPS provides free and impartial money and pensions guidance across the UK, as well as debt advice in England. In providing these services it supports the policy delivery of DWP and HM Treasury (HMT). The organisation was initially set up under the Financial Guidance and Claims Act 2018 as the Single Financial Guidance Body (SFGB). On 1st January 2019, SFGB began delivering against its functions and became known as the Money and Pensions Service in April 2019.
MaPS is funded by levies on both the financial services industry and pension schemes.
DWP is looking for someone with exceptional communication and leadership skills to join us in a high-profile role, leading the Board of the Money and Pensions Service (MaPS).
MaPS’ mission is to help people – particularly those most in need – to improve their financial wellbeing and build a better, more confident future. Working collaboratively across the UK, MaPS makes sure customers can access high-quality money and pensions guidance and debt advice throughout their lives, how and when they need it.
Financial wellbeing is good for individuals, communities, business, and the economy. But poor financial wellbeing, affecting tens of millions of people, is holding the UK back as:
- 5m people have less than £100 in savings to fall back on
- 9m people often borrow to buy food or pay for bills
- 22m people say they don’t know enough to plan for their retirement
- And 5.3m children do not get a meaningful financial education.
MaPS has outlined in its UK strategy for financial wellbeing, UK Strategy for Financial Wellbeing that people should have guidance and access to the information they need to make effective financial decisions throughout the course of their lifetime. This means improving people’s financial wellbeing, through everyone making the most of their money and pensions.
MaPS delivers this across five core functions:
- Pensions guidance: MaPS provides information to people about workplace and personal pensions. In 2020/21 its pensions experts helped hundreds of thousands of people with their pensions queries through the dedicated helpline and the Money Helper website . Specific Pensions guidance is also available to people aged 50+ to make decisions on their defined contributions pensions pots through the Pension Wise service.
- Debt advice: MaPS provides people in England (debt is a devolved matter in Northern Ireland, Scotland, and Wales) with information and advice on debt and is the biggest funder of free debt advice. In 2019/20, MaPS worked with delivery partners to support more than half a million customers to get free and effective debt advice while driving up the quality of that advice and providing training and support to advisors on the ground.
- Money guidance: MaPS provides information designed to enhance people’s understanding and knowledge of financial matters and day-to-day money management skills. This is delivered through the Money Helper website, call centre, web chat and social channels.
- Consumer protection: MaPS works with government and the Financial Conduct Authority (FCA) to protect consumers against financial scams. It supports the efforts of the wider financial services industry to protect consumers and by gathering and sharing actionable insights to help the sector decide where best to prioritise its efforts.
Strategy: Following twelve months of engaging with stakeholders throughout the UK, including 1,000 people during a listening phase in January 2020, MaPS published the first ever UK Strategy for Financial Wellbeing, designed to drive change at scale and shift the dials on personal finance. The UK Strategy is the ten-year framework which will help achieve the vision of everyone making the most of their money and pensions. MaPS will play a key role in achieving this vision by supporting and working with a wide range of other organisations and by delivering services where appropriate. Additionally, MaPS is accountable for facilitating the pensions industry to develop pensions dashboards, to allow individuals to access their pensions information online, securely, and all in one place: supporting better planning for retirement.
The MaPS Board
The MaPS Board is responsible for:
- Approval of the material extension or reduction of the MaPS core activities or change to the high-level corporate structure.
- The MaPS Board supports the Chief Executive Officer (CEO) and Accounting Officer in coordinating delivery of the published UK Strategy for Financial Wellbeing; developing the MaPS 3-year corporate strategy; and one-year corporate plan and funding plan, which is then agreed with Ministers via DWP. The MaPS 3-year corporate strategy, along with the one-year corporate and funding plan will set out the targets, priorities, and resources.
- The Board establishes a clear control framework to support the effective management of performance against external risk and delivery standards, supported by delegations of authority, clear business processes, policies, and procedures.
- The Board oversees both the delivery of the Pensions Dashboard Programme and a MaPS dashboard for Pension consumers to access the totality of their pensions information in support of one of their strategic goals to enable people to make most of their money and pensions.
The Board currently consists of six members – the Chair, one Senior Independent Director (SID), two Non-Executive Directors (NEDs), and two members who have Executive responsibilities (the CEO and Chief Financial Officer). An additional four new NEDs will be joining in September 2022 to strengthen the Board. The Board ensures that effective arrangements are in place to provide assurance on risk management, governance, and internal control. The SID usually supports the Chair, where necessary acting as an intermediary for the other Non-Executive Directors. The NEDs are responsible for providing appropriate oversight, governance, and direction to MaPS in pursuit of its statutory objectives. The Board has five standing Committees chaired by Non-Executives: Audit, Risk and Assurance, Remuneration & People, Nominations, Finance and Investment and Pensions Dashboard Oversight.
The Chair has responsibility for managing the Board and for ensuring the Board has the appropriate mix of skills, experience, and resources to effectively discharge these responsibilities.
The Chair also has responsibility for representing MaPS to the relevant ministers and key external stakeholders.
The Board currently meets eight times a year. Meetings will normally take place at the MaPS offices, currently at 120 Holborn, London, EC1N 2TD and occasionally at other offsite locations. Attendance on Board business may involve an overnight stay.
The Role of MaPS Chair
DWP is looking for someone with exceptional, communication and leadership skills to join us in chairing the Board of the Money and Pensions Service (MaPS).
The successful candidate will be able to demonstrate alignment with the MaPS’ broad social purpose, and a clear and demonstrable commitment to ensuring that senior strategic support and guidance is available to those functional areas operating within MaPS’ remit, working with both DWP and HMT Ministers and officials.
The successful candidate will have the following key responsibilities:
- Providing clear, effective leadership to the Board, taking personal responsibility for the overall success of MaPS with a focus on delivery of MaPS priorities, to drive improved outcomes and achieve the KPIs set out in the corporate plan, with accountability to the Secretary of State of DWP.
- Enabling a high standard of discussion and debate at Board meetings, and helping to steer MaPS by facilitating collective, inclusive working, diversity across the organisation and a continuous learning ethos.
- Ensuring that, in reaching decisions, Board members take proper account of guidance provided by the responsible Ministers and MaPS’ policies and actions support the Government’s wider strategic aims.
- Ensuring that the Board both supports the Executive team and holds it to account for the efficient and effective delivery of MaPS’ service delivery, performance, strategic functions, and an agile response to transformation and changing consumer needs.
- Ensuring the effective operation of the Board and Corporate governance processes of MaPS, including appropriate oversight of the risks and controls framework, and operating within Managing Public Money and Cabinet Office Controls.
- Having a personal impact by building constructive, effective, and sustainable working relationships with external and internal stakeholders including DWP, HMT and Ministers and managing a high level of public scrutiny by acting as an ambassador for MaPS, ensuring a positive and creditable reputation.
- Demonstrating commitment to the Seven Principles of Public Life set out by the Committee on Standards in Public Life, ensuring collective behaviours and high standards of regularity and propriety are demonstrated by MaPS Board members; and
- Ensuring formal and rigorous annual evaluation of the Board’s performance, and that of its committees, with independent input at least every three years. Additionally, the Chair would provide line/performance management to the Chief Executive Officer and provide support where necessary.
We welcome applicants from diverse backgrounds who have the ability to provide strong leadership and direction to the Board and to articulate a vision for MaPS.
The successful candidate must be able to demonstrate:
- An ability to provide clear, effective strategic leadership and direction including how to hold organisations to account and shape the delivery of agreed goals and priorities and the ability to lead through others;
Building a strong Board
- An ability to develop relationships at a Board level, working with members who have a diverse range of perspectives and backgrounds and leading through periods of challenge and operational change. Ensuring that an organisation is heading in the right strategic direction;
Developing strong external relationships
- Strong stakeholder management and communication skills, in particular the ability to engage constructively and build effective relationships with a wide and diverse range of internal and external stakeholders and being the public face of an organisation; and
Familiarity with robust corporate governance arrangements especially the role of executives and non-executives.
It is desirable for candidates to have ability in one or more of the following areas:
- Operating in the financial services sector, in particular with a consumer focus, or in the debt or pensions industries;
- Experience of chairing a large consumer focused Board; and
- Willingness to develop knowledge of the environment within which the public sector operates including a good understanding of the role and working of government and parliament.
How to Apply
In order for us to progress your application please submit the following completed documentation:
1. A CV (maximum 2 pages) with your education and professional qualifications and full employment history.
2. An accompanying supporting statement (maximum 2 pages, font size 12 point). This is your opportunity to provide evidence of how you meet each of the criteria set out in this information pack. The initial sift is based on this information, so it is important to fully address the criteria. You should aim to provide specific examples that demonstrate how your knowledge and experience matches each of the criteria, and which describe what your role was in achieving a specific result.
Please ensure that you clearly state your full name at the top of your CV and supporting statement.
3. Personal Information Form Most of the information requested is not seen by the panel assessing your application (though the panel may consider your declaration of interests).
4. Diversity Monitoring Form. Collecting and analysing candidate data will help us improve our diversity strategy. It will allow us to run more successful recruitment exercises in the future and ensure that competitions are fair for all. This form is not part of the selection process and will be treated in strictest confidence. It will be kept separate from your application and not be seen by the selection panel.
Please note that due diligence checks will be carried out on all candidates shortlisted for interview. The result of the checks will be shared with the panel and with ministers who make the final decision following the results of the interview. The search will include, but may not be limited to:
- Google search – publicly available information
- Social Media search – Twitter, Facebook
- Individual insolvency search
- Removed trustee register search
- Financial Services Prohibited Individuals Register
- Disqualified Director Register
- Personal Information Form declarations
Disability Confident Scheme
The Disability Confident scheme has replaced the Guaranteed Interview scheme. The Department for Work & Pensions, and its Arms-Length Bodies, are accredited users of the Disability Confident symbol, which signifies organisations which have a positive attitude towards disabled applicants.
All Disability Confident Employers will offer interviews to disabled candidates who meet the minimum requirements for a job or role. If you wish to apply for consideration under this scheme, please complete the declaration in the Diversity Monitoring Form provided. It is not necessary to state the nature of your disability.
Whether you choose to apply under the Disability Confident scheme or not, you can still ask us to make adjustments for you when attending an interview. You can also contact us if you want to discuss the criteria for the role or have questions regarding your application.
All applications should be emailed to firstname.lastname@example.org
The closing date for applications is 23 August 2022. At 17:00pm. The vacancy has been extended with a new closing date of 13th September 2022 at 17:00
Late applications will not be accepted