The Money Advice Service (MAS) has announced the appointment of Department for Work and Pensions (DWP) director Caroline Rookes as its new chief executive.
Rookes’ salary will be £140,000, compared to her predecessor Tony Hobman whose overall pay package was £350,000.
Rookes was appointed by the Financial Services Authority (FSA) and approved by the Treasury. She will take up the position in the New Year.
As director of private pensions at the DWP, Rookes has overseen the introduction of auto-enrolment and the launch of Nest.
MAS chairman Gerard Lemos said: ‘I am delighted that we have found someone of such calibre and experience as Caroline. She really understands people’s money needs.
‘The board was highly impressed with her leadership skills, strategic thought, operational good sense and stakeholder management expertise. On its behalf I thoroughly look forward to working with her in the next phase of making the service even more relevant to people’s needs.’
The appointment comes after scrutiny from both the regulator and the Treasury Select Committee on the accountability of the MAS.
Financial Conduct Authority chairman designate John Griffith-Jones said: ‘Caroline has highly relevant experience dealing with and understanding people’s financial needs.
‘I am sure she will help give the service a continuing strong focus on helping people to understand financial matters, thereby enhancing their ability to manage better their own affairs.’
Rookes added: ‘The Money Advice Service has a vital role to play in making the nation more financially capable.
‘It has begun the groundwork for this and I look forward to helping it make an even stronger impact on people’s lives and making good financial behaviour a desirable quality for all.’