Moneyhub is already working with firms to create white labeled dashboards for clients
FCA and PDP launch consultations on pensions dashboards, covering the regulatory framework for dashboard operators and the design standards to be used
Moneyhub is making its response public in advance of the 16th February deadline to encourage the wider community to add their voices to the consultations
Moneyhub, the award-winning Open Data platform and alpha partner to the Pensions Dashboards Programme (PDP) has highlighted the Financial Conduct Authority’s (FCA’s) support for multiple pensions dashboards saying this is already a reality, in its response to the FCA and PDP’s consultations.
Moneyhub has also called for a greater emphasis on taking action as part of its response.
In its response to the consultations ahead of the 16th February deadline, Moneyhub welcomed the FCA’s and PDP’s proposals, focusing in particular on the FCA’s enabling of industry collaboration. Multiple commercial pensions dashboards will enable consumers to encounter and utilise dashboards from trusted brands from banks to pension providers, whom they have already built a relationship with.
And Moneyhub is already seeing a high interest from the industry, with many planning to whitelabel Moneyhub’s own platform in order to seek authorisation from the FCA and then enter the market and support their customers.
In addition, Moneyhub particularly supports the FCA’s findings that a simple ‘find and view’ service would not be going far enough for consumers. Moneyhub strongly supports the FCA’s proposal to allow authorised Pensions Dashboard Service (PDS) firms to also offer “post-view services” (PVSs). This will enable customers once they see all their pensions in one place to understand the possible next steps. This, for example, could be exploring consolidating the pensions or arranging a conversation with the government’s free PensionWise service.
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.
“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. 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. This allows 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. As market leaders, 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.”
Find out more about Moneyhub’s response to the FCA and PDP consultations.
ENDS
Contacts
Ingrid Anusic Eleanor Ross
Marketing Director, Moneyhub Senior Account Director, Teamspirit (PR Agency)
ingrid.anusic@moneyhub.com ERoss@teamspirit.uk.com
M: +44 783 722 6553 M: +44 7393 758 446
About Moneyhub
Moneyhub is a global ISO 27001 certified software developer of Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.
For more details, please visit www.moneyhub.com