Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are coming together to instigate a new industry coalition.
Members of the Dashboard Operators Coalition (DOC) will collaborate with each other, with government, and with regulators, to support the launch of highly effective dashboards to consumers as early as possible.
All potential operators of commercial dashboards are welcome to join the Coalition, as they commit to offering their own pensions dashboards: contact info@pdoc.org.uk for details.
What is the Dashboard Operators Coalition (DOC) for?
Dashboards are new to the UK, but there is strong international evidence demonstrating the key ingredient for successful delivery is deep collaboration. International learnings include:
commercial dashboards are popular, representing 95%* of all dashboards usage, and
·varied consumer feedback on dashboards is essential, both during pre-launch usability testing, and on an ongoing basis to inform post-launch enhancements.
Working closely with government and regulators, the Dashboard Operators Coalition (DOC) will:
support the safe, secure and successful early launch of multiple pensions dashboards
help ensure dashboards meet different users’ needs effectively at launch, and
provide rich consumer feedback to inform future iterative dashboards enhancements.
Together, the DOC will help address the numerous remaining challenges around testing, launching and iterating highly effective dashboards for consumers.
Some critical topics haven’t yet had detailed attention. Collaboration on these points will prove very beneficial for all parties, but most importantly for a good consumer experience of dashboards, such as:
Pre-Connection Audit (PCA) scope: agreeing the optimal scope of statutory PCAs so dashboards’ adherence to PDP Standards delivers a consistent consumer experience
Identity Service integration: optimising dashboards’ integration with the central Identity and Consent Services for a seamless, yet secure, consumer user journey
DAP readiness assessment: supporting the Secretary of State’s assessment to make the Dashboards Available Point (DAP) launch notice as early as possible for consumers
Post-launch enhancements: providing rich and varied consumer feedback to inform iterative enhancements to dashboards, as has happened with European dashboards.
Why is the Dashboard Operators Coalition (DOC) being established now?
The DOC is being set up now as, earlier in March, new HM Treasury enabling legislation came into force which made “Operating a pensions dashboard service” a brand new FCA-regulated activity.
The DOC is initially being instigated by four firms, but all other organisations are welcome to join the Coalition as they commit to offering their own pensions dashboards.
Organisations interested in finding out more should contact info@pdoc.org.uk
Who’s behind the Coalition?
Independent Dashboards Consultant Richard Smith is leading this initiative. Richard led the development of the PDP Data Standards for dashboards in 2019/20, and is currently actively supporting the PLSA, PASA and Moneyhub on dashboards. Richard also did an independent research tour of 5 continental dashboards teams in 2023 who all said: “Collaboration is key!”.
Quotes, in alphabetical order of organisation:
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.
“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.
“We know from research reports that consumers desperately want to use commercial pensions dashboards, on apps they already use and trust (such as their banking or pension app). And they want to do this as soon as possible. So I’m very grateful to the first four firms (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) for taking the lead with this new Coalition. I hope other firms will see the benefits of joining the Coalition too, as they decide to offer their own dashboards.”
Just Group Marketing and Distribution Director, and HUB Group CEO, David Cooper said:
“Just Group sees pensions dashboards as a critical building block to help consumers engage with their retirement savings. Through the Dashboard Operators Coalition we aim to accelerate learnings and insights capture across the industry so that commercial dashboards meet customer needs and fulfil their incredible potential.”
Legal & General Managing Director of Workplace Katharine Photiou said:
“With more than five million workplace pension members, Legal & General has long maintained that the introduction of pensions dashboards is the key to better retirement outcomes. As one of the first providers to test the technology and the processes needed to establish the foundations of a dashboards ecosystem, we have remained committed to dashboards’ potential to help people stay connected with their pots and take stock of their overall savings.
“As an industry, we need to come together to make sure that the introduction of dashboards really shifts the dial on how people plan and prepare for retirement. We will put the full weight of our experience behind the efforts of the DOC to help make pensions dashboards a success from day one.”
Money & Pensions Service (MaPS) Pensions Dashboards Programme (PDP) Principal Chris Curry, said:
“The theme running throughout the delivery of pensions dashboards is that we’ll make a success of them by working together. The Pensions Dashboards Programme welcomes initiatives that foster greater collaboration between industry, regulators and government. The development of dashboards will be a crucial step to giving people the tools to enhance engagement with their pensions, and we’ll continue to work closely with all organisations looking to become dashboard providers.”
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.
"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.”
Standard Life, part of Phoenix Group, Workplace Managing Director Gail Izat said:
“I’m delighted that we will be a founding member of the Dashboard Operators Coalition. 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. Pensions Dashboards represent a once in a generation chance to move the dial on pensions engagement, so it is crucial that government and industry get it right.”
Other organisations interested in finding out more about, or joining, the Dashboard Operators Coalition (DOC) should contact info@pdoc.org.uk.
Contacts
Richard Smith
Chair, Dashboard Operators Coalition (DOC)
info@pdoc.org.uk
M: +44 (0)7739 449 064
Eleanor Ross
Senior Account Director, Teamspirit
eross@teamspirit.co.uk
M: +44 (0)7393 758 446
About Just
Just (Just Group plc) is a FTSE-listed specialist UK financial services company. A leader in the individual retirement income, care and defined benefit de-risking markets, Just has been
trusted to manage more than £26 billion of customers’ retirement savings and has helped customers release over £6.5 billion from their properties. Just provides a wide range of products, advice and professional services to individual customers, financial intermediaries, corporate clients and pension scheme trustees.
About Legal & General
Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at 31 December 2023) of which 40% is international. We have a unique and highly synergistic business model, which continues to drive strong returns. Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions. We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income. Our purpose is to improve the lives of our customers and create value for our shareholders. Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.
About Moneyhub
Moneyhub’s goal is simple; to work with client to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more. To find out how to give the gift of financial wellness, and reap the rewards, visit www.moneyhub.com.
About Standard Life
Standard Life is a brand that has been trusted to look after peoples’ life savings for nearly 200 years. Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme. Standard Life is part of the Phoenix Group, the largest long-term savings and retirement business in the UK. We’re proud to be building on nearly 200 years of Standard Life heritage together. Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future. We’re proud to offer a leading range of sustainable and responsible investment options. We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about. The value of investments can go down as well as up, and may be worth less than originally invested.