TPP calls for legal duty on pensions dashboard

The People’s Pension (TPP) has called for a legal duty to be placed on any potential pensions dashboards to ensure that savers’ interests are prioritised, according to its commissioned report.

The report, written by Dominic Lindley, highlighted the need for “strong consumer protections” when dashboards “move from a single non-commercial version to multiple commercial ventures”.

Following the report’s findings, TPP called for companies providing a pensions dashboard to have a legal obligation, “akin to fiduciary duty”, to prioritise the interests of savers, overseen by The Pensions Regulator.

TPP also urged the government to create a statutory body to “oversee pensions dashboards in the long-term”, that has the power to set standards and a “clear statutory remit” to act in the consumer’s best interest.

Commenting, TPP director of policy, Gregg McClymont said: “Government figures suggest that a huge number of people, up to 18 million, could eventually access pensions dashboards. The opportunities are vast but so is the potential for consumer detriment.

“The Port Talbot steel worker’s pension scandal shows how easily things can go wrong. The strongest form of consumer protection is fiduciary law, so we’re calling on the government to pass legislation to place such a legal duty on all dashboards operators.”

It also recommended the government to give consumers the legal right to all of their financial data so that they can see “a total picture” of their finances and that pensions charges are disclosed on the dashboard “from day one” to ensure full transparency.

McClymont concluded: “We’re also calling for pensions charges to be disclosed on dashboards from the outset, for consumers to have a clear legal right to all their financial data, and for the creation of a Pensions Dashboards Authority armed with a clear statutory remit to act in the best interest of consumers.

“This package of measures can strengthen the governance of pensions dashboards in the public’s interest.”

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