The CEO of Barclays UK, Matt Hammerstein, has become the new chairman of the Money and Pensions Service’s Advisory Group, taking over from Vim Maru, who steps down after two years in the role.

The Advisory Group was established in May 2020 and ensures that MAPS - the government-backed personal finance guidance body - focuses on helping the public invest and save wisely.

The group also provides oversight on progress towards the UK Strategy for Financial Wellbeing’s 10-year goals. 

The group meets quarterly and advises the MAPS executive and board on efforts to help millions make the most of their money and pensions. 

Members also act as ambassadors for the strategy and help with development and sharing of good practice. 

Sir Hector Sants, MAPS chair and a former CEO of the Financial Services Authority (the predecessor to the FCA), said: “I am delighted that Matt has agreed to chair our Advisory Group; he has been a valued member of the group since it began and his expertise, knowledge of the financial service sector and experience is invaluable as we navigate uncertain times for people’s financial wellbeing. 

“As cost-of-living pressures are affecting people throughout the UK, it has never been more important for us to work together on helping people make the most of their money and pensions, driving progress towards our national goals across financial education, savings, use of credit, access to debt advice and planning for and in later life. 

“I would like to take this opportunity to thank Vim Maru for his instrumental role in the Advisory Group - for his leadership, challenge and support for MAPS – and wish him the very best for the future.” 

Mr Hammerstein said: “I’ve seen first-hand how the work of the Money and Pension Service is helping people make the most of their money and pensions. The MAPS strategy has even more importance now, as the UK navigates the impact of the rising cost of living on people’s finances.

“As chair of the MAPS Advisory Board, I look forward to ensuring that the UK Financial Wellbeing Strategy is as successful as possible, leveraging the expertise and passion of a talented group of experienced professionals.” 

Mr Hammerstein has been a member of the Money and Pensions Service Adult Advisory Group since its inception and sits on the Barclays Bank UK board and UK Finance board. He is a member of the FCA Practitioner Panel and has been the CEO for Barclays Bank UK since April 2019.

Before Joining Barclays, he was a senior management consultant at Marakon Associates where he worked for 12 years in the financial services, consumer products and energy sectors within the Americas and Europe. He graduated with a degree in Mechanical Engineering from Yale University and an MBA from the University of Chicago.