Give your comments on our proposed regulatory framework for the new pensions dashboard service market.
Why we are consulting
We will soon be responsible for regulating firms that operate and make pensions dashboard services available. This new market has the potential to deliver genuine consumer benefits. But we must introduce a robust regulatory framework to ensure this new market does not introduce or amplify the potential for consumer harm.
Who this is for
This consultation will primarily interest firms that are considering operating a pensions dashboard service and who will need to get the new regulatory permission in order to enter this new market. These firms might include those that are already active in the pensions and retirement income market as well as firms that are not currently FCA authorised.
This consultation will also be of interest to:
- pension providers, trustees and administrators who (under Government Regulations and Policy Statement 22/12) are required to supply pension information to the pension dashboard services for consumers to view
- bodies that want to help their customers or constituents to find and use a pension dashboard service, such as employers and charities
- individual consumers and bodies representing the interests of consumers
- Individuals and firms providing advice, guidance and information on pensions and retirement planning may also be interested in the proposals in this publication.
Please send us your comments on our proposals by 16 February 2023.
Subject to the feedback we receive, we intend to publish a Policy Statement and finalised rules in Summer 2023. We aim to open the authorisations gateway shortly after the rules are finalised.
Consumers struggle to engage with pensions, with limited take-up of advice or guidance, and often leave it very late to think about retirement. This means they might unknowingly save too little to meet their expectations in retirement or are not equipped to make an informed decision on how to access their pension savings when the time comes. Pension dashboards will be secure digital interfaces that allow consumers to find their pensions and to view basic information about them. Pension dashboard services will also help reconnect savers with lost pots, benefitting both individuals and the pensions industry.
The Government has worked for some time to progress its pensions dashboards initiative. It has created the legislative framework and tasked the Money and Pensions Service’s delivery programme, the Pensions Dashboards Programme, with setting standards for how dashboards should be delivered. The Government will soon make a legislative change to bring the operation of pensions dashboards within our regulatory remit. This consultation paper sets out our proposed regulatory framework for firms undertaking this new activity.