Fintech company Origo has developed a functionality that allows financial advisers to access a client’s pension dashboard.
Origo said that this access is made through a secure delegated authority, compliant with the General Data Protection Regulation (GDPR), which comes into force in May 2018.
Working with O&M Systems, supplier of solutions to financial advisers, Origo has been demonstrating this functionality to key industry stakeholders.
The fintech company said that this access is “key to ensuring better outcomes for consumers in enabling the adviser community to provide much needed advice”.
According to a report published yesterday (October 12) by the Association of British Insurers (ABI), advisers will not be able to access clients’ information by proxy in the initial pension dashboard.
The plan behind the pension dashboard, which is due to be launched in 2019, is to create the technology to enable savers to see all of their retirement pots in one place at the same time, giving them a greater awareness of their assets and how to plan for their retirement.
According to Paul Pettitt, managing director of Origo, after an individual accesses the information on the dashboard, the requirement of advice “will most likely be the next step in order to help plan and safeguard their future plans”.
Origo is one of six development partners part of the ABI’s pension dashboard project.
Mr Pettitt said: “This development is a step forward from Origo’s initial development of its Pension Finder Service - the engine that sits behind the dashboard screen that collects and presents pensions information from providers, and presents it back to the consumer.
“Not only is our base technology ready for 2019 deadline, we have taken the additional step to develop delegated authority for financial advisers and guidance bodies.
“Consumer engagement and access to advice is crucial to improved retirement planning.”
According to Graham Miller, managing director of O&M Systems, the ability to draw accurate data from the pensions dashboard into the company’s retirement income modeller will be of immediate benefit to its 5,000 adviser users.
Origo has arranged further demonstrations of its new dashboard functionality with key industry groups over the next two weeks.
maria.espadinha@ft.com
