Q) Who is WPS Advisory (WPS)? What are their aims & what do they plan to do with user data?
A) WPS and our mission is to provide access to support, guidance and financial advice to everyone.
Using App technology is about providing access which is convenient for the subscriber / user and allows them to not only have control of their money, but to save money and then with support, guidance or advice make informed decisions about how they might best use the money they save.
We will support subscribers and users in ensuring the App works for them, whether this be the open-banking functionality hosted by our partners Moneyhub, or the wider functions we will make available under the LifeStage Money App.
User data will be used for the purpose of identifying the needs and wants of our subscribers and users in terms of developing services which will benefit our users in their everyday lives. We also intend to use the data for social impact, influencing positively the lives of as many people as possible by means of identifying social trends and challenges.
Q) What are WPS future plans for the app - Is this a long-term solution?
A) Whilst WPS is a commercial business and so we have to be profitable and strong enough to always support our customers, we are at heart and in common with Moneyhub a social enterprise.
We see it as our job to help regular people with their money and lives. It is simple really, in that we aim to help our customers make informed choices, so they have the money they need available to them when they need it, at every life stage.
The LifeStage Money App is core to our mission, vision and values. It will enable us to help more people than ever before in a way which is intended to be convenient, supported and offer control. This includes communicating in clear and simple terms at all times.
We will also, via our App, in addition to functionality designed to help our subscribers save money and plan their future, make financial advice available by subscription, something we understand has never been done before.
The LifeStage Money App is central to our business proposition and represents our biggest financial investment as a business in our business lifetime. We are already financially committed to making it work for you.
The more feedback you give us, the better we can make the App, for everyone.
Q) Will my pricing change?
A) Your current subscription terms, including pricing, will remain untouched until the date your subscription is due for renewal.
If, at the point of your renewal there is a price increase we will inform you before you make the choice to continue as a subscriber. We will also explain the basis of any price increase.
You have the opportunity to subscribe for the premium services you think will help you to save and manage your money. WPS will communicate directly each premium service available with clear pricing.
As part of the WPS / Moneyhub partnership it was important the trust built up was maintained and the service enhanced. WPS are committed to retaining the trust you placed with Moneyhub in managing your money and your personal details.
Q) Why has Moneyhub decided to partner with WPS Advisory?
A) Moneyhub has worked with WPS for some time and we have built a great relationship with them. They share a similar ethos and end goal in providing financial advice and supporting their users.
Q) Why will Moneyhub no longer offer the app directly?
A) Moneyhub provides our technology to some of the world’s leading financial institutions as they’ve sought to provide better digital experiences for customers of their banking, pensions and insurance products. It’s through our enterprise clients that we’ve been able to have the greatest impact. As such we have taken the decision to focus exclusively on supporting enterprise businesses.
Q) Early this year it was reported that Moneyhub were shutting down their App; why are you only telling us about this now?
A) Moneyhub's preferred option has always been to find a new home for the Moneyhub App. In February we shared the news about our shift in focus with our clients. Several of them expressed an interest in taking over the app, amongst them WPS Advisory.
Q) Will I be migrated automatically, even if I don't want to?
A) No, migration will be based on your explicit consent. Your options should you choose not to migrate are set out elsewhere.
Q) Will the app still look the same and behave in the same way and have the same functionality?
A) The app branding will change but otherwise the app will seem very familiar to experienced users. Moneyhub continues to provide the underlying technology and will host the app.
Q) If I migrate will the subscription I have paid for still be valid?
A) Yes, you will enjoy exactly the same subscription period before being offered the option to resubscribe - this time with WPS
Q) How will my personal and financial data be protected during and after the transition?
A) The security of your data will always be our primary concern. Because WPS Advisory is an existing Moneyhub client, your personal and financial data will remain on the Moneyhub platform throughout the migration. The App on your device or the web portal you use will change to the WPS Advisory branded app, but no data is stored locally, it all remains on our secure database. etc.
Q) Who will I be dealing with in regards to future issues?
A) In the future, you will be supported by WPS Advisory's dedicated customer service team for any issues or questions you may have.
Q) In terms of customer data, will WPS staff have a greater view of users' transactional, account and financial data in line with their role as financial advisors?
A) For users migrating from Moneyhub, WPS staff will not have any greater level of visibility than that held by Moneyhub. If migrating users access wider services from WPS, including the provision of financial advice, WPS will seek each customers permission at the relevant tie to collect wider financial data.
Q) Will my current connection / data / app issue be resolved?
A) We would like to solve any outstanding issues prior to migration but not all of them are within Moneyhub's control. Having an open issue does not prevent you from migrating and we will continue to support all issues as we work with WPS Advisory and provide the underlying technology for their app.
Q) What about the app improvement and suggestions I've made?
A) We truly appreciate the feedback and suggestions you've shared for app improvements. This valuable input will be compiled and provided to WPS Advisory as they continue to enhance the app. Your contributions have and will play an important role in shaping future updates and features.
Q) Will my account details or login credentials change?
A) Yes, your username will remain the same, but as part of the migration tool, you will be asked to set a new password as our password requirements differ from WPS Advisory's password requirements.
Q) Will the user interface or user experience change as a result of the takeover?
A) The WPS Advisory app has unique branding and some additional features. However, those familiar with the Moneyhub app will appreciate that it shares the same underlying platform and the majority of features are accessed and used in the same way
Q) I've paid a subscription for the Moneyhub app. What will happen if I migrate?
A) WPS will continue to provide you with their app throughout the subscription period you have already paid for. At the end of that period you will be able re-subscribe to the WPS app
Q) I don't want to migrate. Can I have a refund on my subscription?
A) WPS will continue to provide a like for like service, underpinned by Moneyhubs technology and open banking capabilities. Any remaining time on your subscription will transfer with your account. If you do not choose to migrate, your Moneyhub app will remain active until your subscription expires. You may choose to delete the app sooner but Moneyhub will not be refunding any subscription payments.
Q) Is WPS compliant with all relevant financial regulations and standards?
A) Moneyhub: The WPS app will be hosted by Moneyhub who are an FCA regulated business. All open banking and open payments functionality is provided by Moneyhub.
WPS Advisory Limited are authorised and regulated by the Financial Conduct Authority. Our Financial Services Register number is 624546.
Q) If I have any questions now, who should I go to for help?
A) Our support team remains the same and are dedicated to helping with a smooth transition, you can contact us here
Q) If I am not comfortable with the takeover, what options do I have to opt-out or close my account?
A) We understand your concerns about the transition. If you wish to opt-out or close your account, please contact our support team or use the in-app option to delete your account.
Q) What will happen to any free subscription periods granted directly by the Moneyhub support team?
A) With the transition to new ownership, there will be changes in how subscriptions are managed. Any free or extended subscription periods previously granted by the Moneyhub support team will no longer be valid. WPS will implement its own policies and subscription structures, and not all previous arrangements can be carried over.