We are proposing new rules requiring FCA regulated pension providers to connect and supply information about personal and stakeholder pensions to pensions dashboards.
Why we are consulting
These proposals implement a requirement placed on us by the Pension Schemes Act 2021 and complement the Government’s consultation on the draft Pensions Dashboards Regulations 2022, which includes corresponding requirements for trustees and managers of occupational pension schemes.
Later in 2022 we will also consult on the regulatory framework for providers of qualifying pension dashboard services.
Who this applies to
This consultation will primarily interest:
- life insurance companies
- operators of self-invested personal pensions (SIPPS)
- individual consumers
- bodies representing the interests of consumer
- trade bodies representing pension providers
The consultation will also interest:
- third party pensions administrators and software providers
- parties interested in offering pension providers a commercial integrated service solution
- decumulation-only providers that are interested in offering accumulation products in the future
- individuals and firms providing advice and information in this area
Background to our rules for pensions providers
Pensions dashboards are secure digital interfaces that enable consumers to find and view simple information about all their pensions not yet in payment (State, work-related and personal) in one place.
The Government owns and leads the pensions dashboards initiative, but a range of delivery partners have roles in making dashboards a reality:
- The Money and Pensions Service
- The Pensions Dashboards Programme
- The Pensions Regulator
- Financial Conduct Authority
We have worked closely with these delivery partners in developing our consultation proposals.
We seek feedback on the proposals in this CP by 8 April 2022.