Pensions dashboards operators form coalition in UK

A new industry coalition has been established by four potential UK-based operators of pensions dashboards, following research which has shown the key to getting pensions dashboards live is “close collaboration”.

Just Group, Legal & General, Moneyhub and Standard Life, which is part of Phoenix Group, have launched the Dashboard Operators Coalition (DOC), encouraging collaboration between members, and with government and regulators, to support the launch of dashboards to UK consumers as soon as possible.

The four founding companies have said they welcome other organisations that are potential providers of commercial dashboards, to the coalition.

Earlier in March, new HM Treasury legislation came into effect which made “operating a pensions dashboard service” an activity regulated by the Financial Conduct Authority (FCA).

By working closely with government and regulators, DOC intends to support the “safe, secure and successful” launch of multiple pensions dashboards, ensure that dashboards meet the needs of different users at launch, and provide feedback to inform “future iterative dashboards enhancements”.

Independent dashboards consultant and DOC chair, 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 continued: “On the supply of data to dashboards, the Pensions Administration Standards Association (PASA) is working very closely with the government’s Pensions Dashboards Programme (PDP).

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

The Coalition has identified four areas where “detailed attention” is required, so that collaboration will not only benefit all parties, but will also provide an improved consumer experience.

The first of these is agreeing the “optimal scope” of statutory pre-connection audits, so that dashboards’ adherence to the UK’s PDP standards offers a consistent customer experience.

Another is dashboards’ integration with central identity and consent services for a “seamless” customer journey.

Moneyhub CEO Sam Seaton

Moneyhub chief executive officer Sam Seaton said: “International evidence strongly shows that consumers prefer to see all their pensions in a familiar, trusted app they already use, such as a banking, pension, or money management app.

“Through Open Finance, these apps also enable connections to users’ other finances, showing consumers the broader context of their financial position as it develops over their lifetime.”

Seaton added: “So, as an industry, we urgently need to collaborate to launch commercial pensions dashboards for consumers as soon as possible.

“Working with the FCA and PDP, the Dashboard Operators 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.”

Last year, Standard Life extended its existing partnership with Open Banking platform Moneyhub to deliver its commercial pension dashboard, embedded in Standard Life’s customer app.

Phoenix Group, the parent company of Standard Life, intends to extend dashboard access to all 12 million of its UK customers.

Standard Life’s workplace managing director Gail Izat added: “We are committed to providing a Pensions Dashboard for our customers as soon as possible and cooperation amongst industry to solve some of the remaining issues should help dashboards launch.”