Today, the Money and Pensions Service (MaPS) is pleased to announce the new contract to deliver an Independent Quality Assessment Service (IQAS) has been awarded to Recognising Excellence.
Recognising Excellence, which has previously worked in partnership with MaPS, will deliver the new service from April 2023. The service will independently assess compliance with the FCA-approved MaPS Standards across all MaPS’ insourced and outsourced service lines: MoneyHelper money and pensions guidance, Pension Wise, and MaPS-funded regulated debt advice. The service will provide MaPS with assurance that the services it funds provide high quality information, advice and guidance to customers throughout their lives, now and whenever they need it.
The procurement of this new service commenced in early 2022 and has gone through several iterations, ensuring MaPS has taken on board feedback gained through market engagement. MaPS was pleased with the high level of engagement from stakeholders, including several new players in the market.
MaPS would like to thank all of those organisations who took part in the process. We recognise the considerable time and effort it takes and will continue to work with them in the future as valued stakeholders.
Since April 2022, MaPS has taken a collaborative approach to develop an independent quality assessment service that will:
- provide demonstrably useful and meaningful information that can be used to improve customer outcomes, reduce customer detriment and increase compliance with the MaPS Standards;
- provide MaPS with assurance that the services it funds are compliant with the MaPS Standards;
- be consistent across service lines and delivery mechanisms, and
- deliver value for money.
Over the past year, MaPS has worked closely in partnership with its insourced and outsourced delivery partners in testing the development of a process for assessing the quality of its services and checking they comply with the MaPS Standards. This has involved extensive activity, including:
- regular sampling;
- assessing advice and guidance;
- calibrating data;
- sharing insight and
- receiving feedback from delivery partners.
This has been an extremely insightful exercise and has helped MaPS with developing and procuring a service that will assist us in ensuring that the services we fund are delivering high quality information, advice and guidance.
Caroline Siarkiewicz, Chief Executive of the Money and Pensions Service, said:
“It is incredibly important to MaPS that the services we fund are of high quality and meet the needs of our customers. That’s why I’m delighted that we are launching this new Independent Quality Assessment Service with Recognising Excellence.
“The service will provide us with independent assurance across all our service lines, making sure that the information, advice and guidance we deliver to customers meets the standards we expect.”
Amanda Jordan, Director of Operations Recognising Excellence (RE), said:
“We are delighted to continue our partnership with MaPS and share their commitment to ensure the information, guidance and advice available to customers is of high quality. RE has extensive knowledge of delivering assessment programmes centred on quality, particularly within both the charitable and legal advice sectors.
“The MaPS quality programme complements our existing business portfolio and work within the regulated advice sector. With the introduction of the new MaPS Standards, both customer facing and organisational, we look forward to bringing fresh eyes to the programme.”
-ENDS-
For further media enquiries, please contact the MaPS Press Office on 020 8132 5284 / media@maps.org.uk.
About the Money and Pensions Service
Our vision is “Everyone making the most of their money and pensions.”
We offer free, impartial help and guidance on money and pensions via www.moneyhelper.org.uk and 0800 138 7777. The service includes a range of free tools, plus the opportunity to speak to an expert via WhatsApp, phone, email or live chat.
We also co-ordinate the UK Strategy for Financial Wellbeing, working with partners and stakeholders to help everyone find their way forward and build a better financial future.
We are an arms-length body, sponsored by the Department for Work and Pensions and funded by levies on both the financial services industry and pension schemes.
For more information, visit our website or annual corporate plan and strategy.