Money and Pensions Service - Non-Executive Directors

Closed
Body: Money and Pensions Service
Appointing Department: Department for Work and Pensions
Sectors: Charity & Public Sector, Education, Regulation
Location: London (meetings are currently held remotely and being reviewed in-line with Governments Covid 19 Regulations)
Number of Vacancies: 4
Remuneration: 18,000
Time Requirements: 36 Days per year

Campaign Timeline

  • Competition Launched

    31/01/2022

  • Closed for Applications

    24/02/2022 at 17:00

  • Panel Sift

    w/c 14/03/2022 TBC

  • Final Interview Date

    w/c 25/04/2022 TBC

  • Announcement

    TBC

 

Assessment Panel

Vacancy Description

The Money and Pensions Service’s (MaPS) vision is everyone making the most of their money and pensions. 

It is an arm’s-length body, sponsored by the Department for Work and Pensions (DWP), 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.  

 

MaPS is funded by levies on both the financial services industry and pension schemes. 

 

DWP is seeking four Non-Executive Directors (NED) with a range of established skills/competences to oversee the governance arrangements in MaPS. DWP is looking for candidates who can provide experience from other organisations with challenges on a similar scale to MaPS.

 

The Body

MaPS is an arm’s-length body sponsored by the Department for Work and Pensions, established at the beginning of 2019, and engages with HM Treasury on policy matters relating to financial capability and debt advice.  

Our mission is that we help people – particularly those most in need – to improve their financial wellbeing and build a better, more confident future. Working collaboratively across the UK, we make 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.  

  • 11.5m 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.   

 

According to the Organisation for Economic Co-operation and Development, figures like these places the UK well down the rankings of G20 countries, behind France, Norway, China, Indonesia, and many others.    

MaPS has outlined in its 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:   

1-Pensions guidance: MaPS provides information to people about workplace and personal pensions. In 2020/21 its pensions experts will help hundreds of thousands of people with their pensions queries through the dedicated helpline and the Money Helper website and people aged 50+ to make decisions on their defined contributions pensions pots through the Pension Wise service.  

2-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.  

3-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.  

4-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 begin to gather and share actionable insights to help the sector decide where best to prioritise its efforts.

5-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.

 

The 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) as Accounting Officer in agreeing the UK Strategy for Financial Wellbeing; 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 the delivery of the Pensions Dashboard Programme.

   

The Board currently consists of the Chair and five Non-Executive Director posts.  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 Board currently meets 10times 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 a Non-Executive Director

Job specification and essential and desirable criteria for MaPS Board Members 

We are seeking four Non-Executive Directors of MaPS. Applicants need to be able to demonstrate ability against the core essential criteria below and in one or more of the following areas: consumer voice, customer facing operational delivery, debt advice and non-executive board experience.  

As a Non-Executive Director at MaPS, you will:  

  • share responsibility as part of the Board to oversee the effective and efficient delivery of the organisation’s mandate. This includes overseeing and responding to pandemic and economic recovery impact and related behaviour changes, the implementation of the 3-year plan and annual business plans, the delivery of the Pensions Dashboards Programme, the roll out of the UK Financial Wellbeing Strategy, oversight of operational goals for money and pensions guidance, and the continued work on culture and values;  
  • use your expertise to engage directly with the Chief Executive, the Chief Financial Officer and Executive Directors, and other staff as required, to assist in the effective delivery of the organisation’s strategic objectives; 
  • where appropriate, represent MaPS externally, and help it build relationships with key stakeholders; 
  • demonstrate a commitment to the Seven Principles of Public Life (Annex1). 

 

Non-Executive Directors will each participate in Board sub-committees. Current Board Subcommittees are:  

  • Audit, Risk and Assurance Committee 
  • Nomination Committee  
  • Remuneration and People Committee 
  • Finance and Investment Committee. 

 

Person Specification

Essential Criteria

We are seeking candidates with the skills and abilities to complement the existing Board members and build an inclusive, cohesive and well-balanced Board. 

All successful candidates will need to demonstrate evidence against the following core essential criteria: 

  • alignment with The Money and Pensions Service’s purpose and values;   
  • the ability to effectively and strategically contribute at Board level, including working together with executives and other NEDs and using their skills and knowledge to solve complex problems; 
  • a commitment to furthering equality, diversity and inclusion within the organisation; and 
  • being pro-active and results orientated, including energy, drive and resilience and a focus on performance against targets. 

In addition to the above core essential criteria for all Board members, candidates need to have ability in one or more of the following areas: 

Consumer voice  

A strong ability to provide the voice of consumers, particularly those with vulnerabilities, to affect behavioural change; or significant skills in transforming direct services for customers.   

Customer facing operational delivery  

A good understanding of the financial services industry with a solid experience of operational customer facing service transformation especially of a digital nature. 

Debt advice 

A good understanding of debt advice services and driving good customer outcomes. 

Board experience 

Strong strategic leadership skills and experience operating at senior non-Executive Board level in a relevant field. 

Desirable Criteria 

It is desirable for candidates to have ability in one or more of the following areas:  

  • A willingness to develop knowledge of the environment within which the public sector operates including a good understanding of parliament and what it means to be an arm’s length body of a central government department. 
  • The ability, as required, to Chair one or more of the Board’s standing Committees. 
  • A good understanding of financial education and awareness including the behaviour changes among people in different stages of education from young people through to higher education.  
  • Pensions knowledge, including member engagement, that is likely to have been gained in the pensions sector. 
  • The ability to provide strategic steers on data collection and insight to demonstrate and improve better outcomes for individuals.

 

Additional Information

In order to allow for effective training and induction, MaPS would like the new Non-Executive Directors to take up their appointments from mid-June to early July 2022. 

 

Attachments
MaPS 4 NEDs Candidate Pack
MaPS - NED Diversity Form
MaPS - NED Personal Information Form
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