Four potential operators of pensions dashboard – Just Group, Legal & General (L&G), Moneyhub and Just Group – came together to instigate a new industry coalition.

Earlier in March, a new HM Treasury enabling legislation came into force which made “operating a pensions dashboard service” a brand new Financial Conduct Authority (FCA) activity.

This prompted the four firms to establish the Dashboard Operators Coalition (DOC) where they will collaborate with each other, with government and regulators, to support the launch of “highly effective” dashboards to consumers as early as possible.

Working with government and regulators, the coalition will support the safe, secure and successful early launch of multiple pension dashboards as well as help ensure these dashboards meet different users’ needs effectively at launch.

It will also provide rich consumer feedback to inform future iterative dashboard enhancements.

DOC will also help address the numerous remaining challenges around testing, launching and iterating highly effective dashboard for consumers.

It pointed out that some critical topics haven’t yet had detailed attention, which included pre-connection audit scope, identity service integration, dashboards available point readiness assessment and post-launch enhancements.

It said that collaboration on these points would prove beneficial for all parties, but most importantly for a good consumer experience of dashboards.

Independent dashboard consultant and chair of DOC, Richard Smith, said: “My research tour of five continental pensions dashboards teams in 2023 confirmed to me that launching dashboards is a highly challenging endeavour. But the key to getting them done is very close collaboration, both across the industry, and also between industry and government.”

Smith pointed out that on the supply of data to dashboards, the Pensions Administration Standards Association (PASA) is working closely with the government’s Pensions Dashboards Programme (PDP).

“I hope other firms will see the benefits of joining the coalition too, as they decide to offer their own dashboards”

Richard Smith, chair of the Dashboard Operators Coalition

But there needs to be an equivalent industry coalition for ‘front-end’ consumer experience of dashboards themselves, he said, where dashboard operators can come together to share their questions, ideas and feedback to develop and maintain best practice for operating dashboards.

He continued: “We know from research reports that consumers desperately want to use commercial pensions dashboards, on apps they already use and trust, such as their banking or pension app. And they want to do this as soon as possible.

“I’m very grateful to the first four firms for taking the lead with this new coalition. I hope other firms will see the benefits of joining the coalition too, as they decide to offer their own dashboards.”

David Cooper, marketing and distribution director at Just Group and HUB group chief executive officer, said: “Just Group sees pensions dashboards as a critical building block to help consumers engage with their retirement savings.”

He said that through the coalition, the four firms aim to accelerate learnings and insights capture across the industry so that commercial dashboards meet customer needs and fulfil their incredible potential.

Gail Izat, workplace managing director at Standard Life, said: “Pensions dashboards represent a once in a generation chance to move the dial on pensions engagement, so it is crucial that government and industry get it right.”

Sam Seaton, CEO at Moneyhub, added that working with the FCA and PDP, the coalition will be instrumental in bringing an open and collaborative environment to commercial pensions dashboards, and in doing so, help millions of consumers achieve a healthier financial future.

Money & Pensions Service’s (MaPS) PDP principal Chris Curry said: “The theme running throughout the delivery of pensions dashboards is that we’ll make a success of them by working together.”

He said the PDP welcomed initiatives that “foster greater collaboration between industry, regulators and government”.

“The development of dashboards will be a crucial step to giving people the tools to enhance engagement with their pensions, and we’ll continue to work closely with all organisations looking to become dashboard providers,” he concluded.

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