New Model Adviser - For professional financial planners

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

New guidance body gets the WhatsApp treatment

Investors can now get free money and pension guidance via instant messaging service WhatsApp

New guidance body gets the WhatsApp treatment

It may have started out as the domain for gossiping teenagers, but soon members of the public will be able to get guidance on their pensions via instant messaging service WhatsApp.

The scheme was announced yesterday by the newly formed Money and Pensions Service (Maps), inviting guidance-seekers to simply ‘add us to your contacts and send a message’.

The WhatsApp service is designed to help improve access to free financial help for the public, with Maps aiming to answer a query within minutes.

Backed by the Department for Work and Pensions (DWP), Maps was launched on 8 April by merging three guidance providers, the Money Advice Service, the Pensions Advisory Service and Pension Wise, into one body.

Yesterday the Financial Conduct Authority announced advisers will need to contribute £4.3 million towards the guidance body in the 2019/20 financial year as part of the industry levy.

The DWP said the new guidance service would be able to arrange 205,000 ‘pension freedoms guidance sessions’. 

In a statement a spokesman for Maps told New Model Adviser®: 'We want to make sure that people are able to access money and pensions guidance in a way that works for them, which is why we are currently piloting our service on WhatsApp.

‘We want to understand whether WhatsApp would allow us to engage with more people to help improve their access to money and pensions guidance. Agents will respond to WhatsApp messages during the same hours as the main webchat service, Monday to Friday 8am to 6pm and Saturdays 9am to 3pm. Agents have pledged to respond to enquiries as soon as they are received.


Share this story

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
More Content
7231.04 -103 1.41% 04:35
More Content
More Content


AJ Bell reports big spike in profits in maiden results

AJ Bell reports big spike in profits in maiden results

Customer numbers at AJ Bell climbed 9% over the six months to the end of March, driving a 27% increase in pre-tax profit


5 Comments British Steel: FSCS pays over £3.5m for Active Wealth (UK) claims

British Steel: FSCS pays over £3.5m for Active Wealth (UK) claims

Claims against Active Wealth (UK), one of the firms that lost its pension transfer permissions over concerns about advice given to steelworkers, have seen the FSCS payout £3.59 million