The Money and Pensions Service says its chairman Hector Sants is the “secret weapon” that will help drive ambitious policies that improves the lives of consumers.
Sants was appointed chairman of MAPS in May 2018 and has explained the guidance body’s intention to tackle pressing issues such as “financial shame” in wider society.
In April MAPS outlined its first national strategy ahead of a UK-wide roadshow aimed at improving financial wellbeing and increasing understanding around pension options and requirements.
Yesterday its strategy and insights director Sarah Porretta gave an update on how these initiatives are progressing at the Association of British Insurers conference on long term savings.
It plans to publish a national strategy and a three-year business plan to achieve its objectives in the autumn.
She said: “On the road shows around the country we have talked with pension providers, third sector organisations and HR directors about barriers and challenges of engaging staff about their savings in particular.
“There is a sense we need to be more ambitious about the whole [work] journey and the savings culture of young people. The brands we have inherited offered a universal service but did not target anyone. This will be different with us”.
Regarding the advantage MAPS has have over previous financial guidance bodies, she added: “We have a secret weapon who is Hector Sants who can bring people around the table. He is ambitious and has been meeting with the heads of financial service regulators.
“The other thing is we are not cautious about identifying key issues to focus on. I would like to see us set up some specific task groups to introduce specific changes. We are not afraid to challenge the status quo. For instance we want to dive deeper into women, money and pensions.”