Development of the Pensions Dashboard

Feb 15, 2022 12:00:00 AM

What is happening?

In February 2022, the FCA proposed, in its Consultation Paper CP 22/3, new rules requiring FCA regulated pension providers to connect and supply information about personal and stakeholder pensions to pensions dashboards. Pensions dashboards are secure digital interfaces that enable consumers to find and view information about all of their pensions not yet in payment (State, work-related and personal) in one place. The Government owns and leads the pensions dashboards initiative, but a range of delivery partners work with the FCA to make dashboards a reality, including the Money and Pensions Service, the Pensions Dashboards Programme and the Pensions Regulator.

What do you need to do?

The FCA’s proposals will require FCA regulated pension providers to be ready to receive requests to find pensions and search records for data matches, as well as supplying specified information for consumers to view on their chosen dashboard.

Specifically, the proposals require that, by the implementation deadlines set out, pension providers must:

complete the connection of their personal and stakeholder pension schemes (including SIPPs) to the Money and Pension Service’s (MaPS’) digital architecture in line with MaPS connection, security and technical standards and having regard to MaPS guidance on connection,
be ready to receive requests to find pensions and search records for data matches, and
be ready to return view data to pensions dashboards.

The FCA is inviting feedback on its proposals by 8 April 2022. The feedback will inform its work to support pensions dashboards, as well as the final rules it intends to confirm in the Autumn. It aims to publish a Policy Statement and finalised Handbook rules in Autumn 2022, when or shortly after Parliament approves the Government’s regulations for trustees and managers of occupational pension schemes and pensions dashboard services.

Later in 2022, the FCA will also consult on the regulatory framework for providers of qualifying pension dashboard services. (QPDS). The Department for Work and Pensions’ current consultation specifies the criteria a dashboard service must meet to become a QPDS.

How can we help you?

If you’d like to know more about how we can help you with your pension dashboard arrangements, becoming FCA regulated or with any other regulatory compliance issues, our specialist team is here to help.

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