FCA launches consultation on pensions dashboard rules for providers

The Financial Conduct Authority (FCA) has launched a consultation on requirements for pension providers ahead of the launch of pensions dashboards, highlighting provider compliance as "an essential component" to making dashboards a reality.

Under the proposals, pension providers would be required to complete connection of their personal and stakeholder pension schemes to the Money and Pension Services' (Maps) digital architecture, in line with Maps' connection, security and technical standards.

They would also be required to be ready to receive requests to find pensions, search records for data matches and be ready to return view data to pensions dashboards.

The rules are under consultation until 8 April 2022, with the feedback to inform the FCA’s ongoing work to support pension dashboards, as well as the final regulations.

The FCA confirmed that it expects to publish its policy statement and finalised handbook rules in autumn 2022, alongside or shortly after parliament approves the government’s regulations for trustees and managers of occupational pension schemes and dashboard services.

The government consultation on the regulations for occupational pension schemes is still ongoing, with further details on the expected dashboards standards published by the Pensions Dashboards Programme to support this.

In addition to the current consultation, the FCA confirmed that it will consult separately on the regulatory framework for the operators of qualifying pensions dashboard services (QPDS) “later this year”.

FCA executive director of markets, Sarah Pritchard, commented: "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."

    Share Story:

Recent Stories


Making pension engagement enjoyable through technology
Laura Blows speaks to Nick Hall, business development director and Chartered Financial Planner at UK-based Wealth Wizards about the opportunities that technology provides for increasing people’s engagement with pensions and increasing their retirement wealth.

ESG & DC – creating the right tools
In the latest of our series of Pensions Age video inteviews Francesca Fabrizi, Editor in Chief of Pensions Age is joined by Manuela Sperandeo, Head of Sustainable Indexing EMEA, BlackRock and Mark Guirey, Executive Director, Asset Owner and Consultant Coverage - MSCI to discuss some key trends of ESG investing among UK pension funds today

Multi asset credit
Pensions Age editor, Laura Blows, discusses multi asset credit with Royal London Asset Management senior fund manager, Khuram Sharih
Pensions Age podcast: buy-outs and buy-ins for member and employer nominated trustees
Pitfalls and good practice when approaching insurers with Pensions Age editor, Laura Blows, Martin Parker (Just Group) and Akash Rooprai (ITS)