Who we work with
Money and Pensions Service
The Money and Pensions Service (MaPS) is creating a pensions dashboard for everyone to use.
The dashboard will be part of the support MaPS offers to consumers about how to manage their pensions, which includes MoneyHelper and a retirement hub.
The Department for Work and Pensions
The Department for Work and Pensions (DWP) create the regulations around pensions dashboards. DWP legislation will also determine the conditions dashboards will have to meet to be a qualifying dashboard service. It will also detail the requirements of occupational pensions schemes, which will set out what data they must send to dashboards.
Financial Conduct Authority
The Financial Conduct Authority (FCA) will make the rules setting out the dashboard connection and data provision requirements for personal and stakeholder pension providers.
FCA will be responsible for authorising potential pensions dashboards providers, who will also be subject to FCA regulation.
The Pensions Regulator
The Pensions Regulator (TPR) will be responsible for ensuring the trustees of occupational pension schemes comply with their duties to connect to the pensions dashboards ecosystem.
TPR has published guidance to support schemes with their dashboards duties.
Information Commissioner’s Office
The Information Commissioner’s Office (ICO) is the regulatory body that upholds information rights and enforces compliance with the UK General Data Protection Regulation (UK GDPR). This covers the use and storage of personal data.
Using a pensions dashboard will involve the transfer of small amounts of an individual’s personal data between dashboards and data providers, which will all take place within the parameters permitted by UK GDPR.
Pension providers and schemes
Pension providers and schemes are responsible for ensuring their members’ data is accurate, up-to-date, and not disclosed without member authorisation. The pension provider is responsible for setting its data matching criteria and for management of the risk of mismatching. The pension provider is also responsible for returning the correct data to the user at their dashboard.
Some pension providers may choose to outsource their duties to connect to the pensions dashboards ecosystem to an integrated service provider (ISP). However, all the responsibilities for compliance remain with the pension provider, as the data controller and regulated entity.
Financial Ombudsman Service
The Financial Ombudsman Service was set up to help consumers resolve problems with regulated financial businesses.
It can consider complaints about financial businesses and has the power to put things right if customers are treated unfairly. It will be able to deal with complaints against providers of personal pensions and dashboard providers.
The Pensions Ombudsman
The Pensions Ombudsman offers a free and impartial service to help people resolve their occupational (employment-linked) or personal pension scheme disputes.
The Pensions Ombudsman can consider and investigate complaints about the maladministration of pension schemes.
All parties will do all they can to protect consumers using pensions dashboards, however, is not possible to eliminate risk entirely. Responsibility for the actions or decisions consumers make using the information displayed on a pensions dashboards rests with the consumer. The Financial Ombudsman and the FCA may still have an interest in the quality of financial advice a user receives.