Ms Weller is also a former managing director of Argos and has been a non-exec director at Virgin Money since October.

In her new part-time role she will earn £80,000 a year for a time commitment of 21 hours per week.

She has been serving as a non-executive board member of MAPS since September 2022 and will take up the role of permanent chair on 29 March for a five year term, replacing Sir Hector Sants, one of the founders of MAPS.

Ms Weller has worked previously as a non-executive director of Sainsburys and non-executive director and responsible business committee chair at Lloyds Banking Group, among many appointments in business and other sectors.

Economic Secretary to the Treasury Andrew Griffith said: “I’d like to welcome Sara to her new post as chair of MAPS, and to thank Sir Hector for his successful leadership over a number of years. Sara’s expertise in delivering for the consumer will ensure MaPS is well geared in the years ahead - taking forward vital work enhancing the financial capability of people across the country.

Pensions Minister Laura Trott said: “It’s brilliant to see Sara appointed as the permanent chair of MAPS. Sara will bring a wealth of experience to this challenging but rewarding role, continuing the work of her predecessor in supporting people across the country with vital money guidance.

Ms Weller said: “I am delighted to have been appointed as the second chair of the MAPS, with great thanks to Sir Hector Sants for his stewardship of MAPS in its early years.

"MAPS has a key role to play making impartial money guidance accessible to all, particularly so at the moment given the current economic challenges, and I look forward to working closely with our many partners, to help people right across the country feel more able to manage their money.

Sir Hector said: “I warmly welcome the appointment of Sara as my successor. In her current role, as a non-executive, she has already made a significant contribution to the work of MAPS.”

MAPS provides free personal finance and guidance across the UK, as well as debt advice in England. The government says MAPs supports the policy delivery of DWP and the Treasury.

The appointment was made following an open competition regulated by The Office for the Commissioner of Public Appointments.