Commenting on the ABI's submission to the Department for Work and Pension's Dashboard Feasibility Study consultation, Rob Yuille, Head of Retirement Policy at the Association of British Insurers, said:
“After years of helping to develop the pensions dashboards concept, we’re pleased to see the project moving forward with industry consensus, cross-party support and the endorsement of key consumer groups, despite the current political climate. The most vital piece of the jigsaw is to make it a legal requirement for all providers to share the necessary data to deliver the comprehensive service savers deserve, and we shouldn’t be letting any schemes off the hook.
“This is something which should be addressed in the upcoming Pensions Bill. We know that some schemes will need longer than others, which is why it is important to ensure that all firms commit to a public timeline. We’re clear in our consultation response that giving savers easy access to their retirement data is part and parcel of doing business in an evolving digital world. We hope that pensions dashboards will empower consumers to make better decisions and have a more prosperous retirement.”
Further detail:
- We also re-emphasised the importance of having multiple dashboards, rather than just one single central dashboard. Consumers should have the choice and ability to interact with their pensions in a format that is familiar and comfortable for them. Limiting the choice to just one dashboard opens the door to firms presenting the information in an unregulated and inconsistent way.
- Similarly, there is a need for a more robust regulatory framework. The Dept for Work and Pensions has done an excellent job getting the project to where it is today, but it is now time for collaboration across other Government departments and the FCA to create the required regulatory framework to address remaining digital identity and security issues.
- Open banking has demonstrated how such a regulatory structure can work, the FCA should build on their work regulating Account Information Service Providers to provide a safe environment for innovation.