Multiple pensions dashboards already a reality, says Moneyhub

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Multiple pensions dashboards already a reality, says Moneyhub
Pexels/Andrew Neel
BySonia Rach

Moneyhub has said it is already working with firms to create white labelled dashboards for clients, in response to the regulator’s consultation.

The open data platform and partner to the Pensions Dashboards Programme (PDP) has highlighted the Financial Conduct Authority’s support for multiple pensions dashboards saying this is already a reality.

In its response to the consultation, ahead of the February 16 deadline, Moneyhub welcomed the FCA’s and PDP’s proposals, focusing in particular on the regulator’s enabling of industry collaboration. 

It said multiple commercial pensions dashboards will enable consumers to encounter and utilise dashboards from banks to pension providers, with whom they have already built a relationship with. 

Dan Scholey, chief commercial officer at Moneyhub, said: “The most recent proposals make clear that it is not the pensions dashboard, but dashboards in the plural. 

“Most have been in the habit of thinking of a single pensions dashboard, but in the UK, it’s clear that there will be multiple dashboards available for customers to choose from.” 

Moneyhub said it is already seeing a high interest from the industry, with many planning to white label its platform in order to seek authorisation from the FCA and then enter the market and support their customers. 

“At Moneyhub we’re already working with industry leaders wanting to create their own dashboard to ensure their customers benefit from the programme and achieve better outcomes,” Scholey said. 

“The FCA’s decision to encourage industry collaboration will have numerous benefits. Dashboards will be easily accessible where consumers already are and among financial products they understand.”

The firm said the collaboration will allow customers “a convenient touch point” in apps they already use to check their potential retirement income, and importantly make informed decisions to benefit their later life. 

“We have been impressed with the high bar set by the FCA’s and PDP’s extensive and detailed proposals,” he added. 

“Moneyhub strongly supports the proposals, but we encourage others to also add their voices to these critical consultations – which is why we are publishing our detailed thoughts on the key topics now.”

Elsewhere, in the FCA’s consultation, it proposed prohibiting third parties from charging customers for services linked to pension dashboards.

According to its consultation - published on December 1, the FCA recognised that some dashboard providers will look to third-party agreements for areas including licensing or third-party hosting.

Any agreement with a third party, however, must allow dashboard providers to monitor that third party’s activities, while third parties will be prevented from making changes to the dashboard service and from charging customers for dashboard-related services.