“The Pensions Dashboard Programme has published its fourth progress update report setting out its activity in the last six months. The report clearly shows that the programme has its hands full but is steadily making progress to ensure that the first pension dashboard become a reality in 2023. It’s come along way, but the next six months will be critical as the programme ramps up with testing, consumer research and working with the pension industry and other stakeholders.
“The Pension Schemes Act 2021 enables the DWP to compel schemes to release data to the pension dashboards. The Progress Update report confirmed that the DWP is planning to consult on secondary legislation this winter on data requirements, staged onboarding , the compliance regime and consumer protection. Draft regulations are expected to be laid in parliament in 2022. The FCA will be consulting on similar rules for pension providers. The ambition is that the largest pension schemes and providers start to connect to the dashboard ecosystem in Spring 2023, all eyes will be on the consultations to see if this continues to be the ambition.
“Having a pension dashboard will be a FCA regulated activity, as confirmed by the report. This means that any entity which wishes to operate a dashboard will need to obtain FCA authorisation to do so. The FCA is expected to consult on the full regulatory requirements in 2022. Potential dashboard providers will be interested to see what they need to do before taking the leap.”
*https://www.pensionsdashboardsprogramme.org.uk/pur/
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