She will take up the role in the New Year. The appointment was made by the Financial Services Authority and approved by the Treasury.
Rookes is currently director of Private Pensions at the Department for Work and Pensions (DWP) where she has overseen the introduction of the new duty on employers to enrol their staff automatically into a pension and the new NEST pension scheme.
She has also been responsible for the policy, legislation and regulation of the private pension regime and for its protection framework.
Rookes started work for the Department of Health and Social Security, DWP's predecessor, in 1976 after graduating from the University of Lancaster. Her first job was in a local benefit office.
She has held a range of posts in social security including operations, policy and finance and has led a number of major benefit reviews. Rookes moved to the Inland Revenue (now HMRC) in 1999 and held posts as director of charities and director of savings, pensions and share schemes. She led a major simplification of the pension tax regime. Rookes moved to her current DWP post in 2005 and was awarded the CBE in 2010.
Gerard Lemos, Money Advice Service chairman, 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.”
FCA Chairman designate John Griffith-Jones added: “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 said: “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.”
