The pensions industry has been encouraged to engage with the ongoing pensions dashboards consultations, with Moneyhub arguing that industry collaboration will be "key to the success of pensions dashboards".

Responding to the Pensions Dashboards Programme (PDP) and Financial Conduct Authority's (FCA) consultations, Moneyhub welcomed the FCA's focus on enabling industry consultation, confirming that it is already working with a number of firms on their dashboards progress.

In particular, Moneyhub explained that many schemes are looking to whitelabel Moneyhub’s own platform in order to seek authorisation from the FCA and then enter the market and support their customers.

The provider suggested that the FCA's decision to encourage industry collaboration will have "numerous benefits", ensuring dashboards are easily accessible and allowing savers to check their potential retirement income.

Research by MoneyHub suggested that this approach is also in line with savers' wants, as a recent poll found that one third (33 per cent) of savers would like to use one of their pension provider's dashboards, while 17 per cent wanted to use their bank's dashboard.

Moneyhub also backed the FCA’s argument that a simple ‘find and view’ service would not be going far enough for consumers, stating that it "strongly supports" the FCA’s proposal to allow authorised Pensions Dashboard Service (PDS) firms to also offer “post-view services” (PVSs).

The provider suggested that one "crucial" tool in particular will be user's ability export their found pensions information from their dashboard into, for example, their dashboard provider’s existing pensions modeller.

Indeed, Moneyhub found that 60 per cent of users surveyed indicated that they had questions or would wish to take some next steps, with which they will need support.

The ability to investigate any missing pensions was the most popular post-view service amongst savers, followed by the ability to compare to a target income, resolve any possible matches, change contributions, and set a target pension income.

However, Moneyhub also highlighted the consumer protection requirements outlined by the FCA, noting that PDS firms must protect consumers from the harm of poor decisions by prominently discouraging users from making any financial decisions based solely on the rather limited pensions information they see on a dashboard.

Savers' views in this area were more divided, as Moneyhub's poll found that 50 per cent of people want to see key messages about their savings before they have seen their pensions information on their dashboard, while 50 per cent wanted to see them after.

Moneyhub chief commercial officer, Dan Scholey, stated: “The most recent proposals make clear that it is not the pensions dashboard, but dashboards in the plural.

"Most have been in the habit of thinking of a single pensions dashboard, but in the UK, it’s clear that there will be multiple dashboards available for customers to choose from.

“At Moneyhub we’re already working with industry leaders wanting to create their own dashboard to ensure their customers benefit from the programme and achieve better outcomes. The FCA’s decision to encourage industry collaboration will have numerous benefits.

"Dashboards will be easily accessible where consumers already are and among financial products they understand. This allows customers a convenient touch point in apps they already use to check their potential retirement income, and importantly make informed decisions to benefit their later life.

“We have been impressed with the high bar set by the FCA’s and PDP’s extensive and detailed proposals. As market leaders, Moneyhub strongly supports the proposals, but we encourage others to also add their voices to these critical consultations – which is why we are publishing our detailed thoughts on the key topics now.”

Moneyhub was one of three potential commercial dashboard providers chosen to work with the PDP in the alpha phase, and was also the first commerical dashboard to be successfully connected to the architecture, in addition to the MoneyHelper non-commercial dashboard and the Money and Pensions Service.

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