The Financial Conduct Authority (FCA) has emphasised the role that regulated pension providers must play in assisting the government with the introduction of the Pensions Dashboards programme, which aims to empower people to connect with their pensions.
Consumers will be able to access and view all of their pension savings in one place, including state, employer, and personal, by combining data to illustrate how much they have saved and the expected values of their pensions at retirement.
According to the FCA’s proposals, pension providers must be prepared to receive requests to find pensions and search records for data matches, as well as offer required information for consumers to display on their dashboard of choice.
The FCA is inviting feedback on its proposals by 8 April 2022. The feedback will inform its ongoing work to support Pensions Dashboards, as well as the final rules it intends to confirm in the Autumn.
Later this year, the FCA will separately consult on the regulatory framework for the operators of qualifying pensions dashboard services (QPDS). The Department for Work and Pensions’ current consultation specifies the criteria a dashboard service must meet to become a QPDS.
FCA executive director of markets Sarah Pritchard at the FCA says: “We are one of many organisations involved in making the Pensions Dashboards a reality, and we are working closely with the Government and others in support of their rollout. We hope that the Dashboards are successful in making it easier for consumers to access and engage more pro-actively with their pensions and support decision making on retirement planning.”