SPP warns of timing and consistency issues with FCA dashboard rules

The Society of Pension Professionals (SPP) has highlighted two 'core areas' in the proposed pensions dashboards rules that need improvement, in its response to the Financial Conduct Authority’s (FCA) consultation.

Responding to the consultation, which closed today (8 April), the SPP highlighted both timing and consistency issues with the current proposed rules.

The SPP believed that timing would be a problem as the implementation date of 30 June 2023 for pension providers to have their dashboard services up and running was “extremely ambitious”, and the proposal only permits the smallest providers to request a later implementation date.

Providers may also struggle to comply by the implementation date, as compliance is dependent on finalised rules and the Money and Pensions Service’s (Maps) technical standards, the SPP warned.

It also pointed to the fact that the market for integrated service solutions providers was still developing.

On consistency issues, the SPP warned that the various bodies responsible for regulating and bringing into force the requirements governing dashboards could result in divergent and inconsistent requirements, deadlines and goals.

It suggested solutions such as offering flexibility by allowing all firms to request a later implementation date, and urged the bodies responsible to all align with each other and have common and consistent requirements.

SPP Financial Services Regulation Committee member, Sharon Piert, commented: “The Society of Pension Professionals remains very supportive of pensions dashboards.

“However, issues remain around the proposed implementation timeframe for the FCA’s new rules, alongside the danger of inconsistency with rules issued by other regulatory bodies.

“Offering flexibility to providers over the timing of compliance with the myriad of yet-to-be-finalised rules and ensuring consumers can benefit from consistent rules governing all dashboards is essential.

“As an industry, we will continue to work with regulators to deliver this flexibility and consistency, and ultimately the successful rollout of the dashboards project.”

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