In a significant development for the pension industry, four potential operators of pension dashboards are banding together to create a new industry coalition known as the ‘Dashboard Operators Coalition’. The coalition’s primary objective is to facilitate the prompt and efficient delivery of highly functional pension dashboards to consumers.
The founding members of the Dashboard Operators Coalition include Just Group, Legal & General, Moneyhub, and Standard Life. However, the coalition extends an invitation to all potential operators of commercial dashboards to join its ranks.
The coalition aims to collaborate closely with government and regulators to support the safe and secure launch of multiple pension dashboards. This collaboration also seeks to ensure that dashboards cater effectively to the diverse needs of users upon their launch and provide valuable consumer feedback to inform future enhancements.
The establishment of the Dashboard Operators Coalition comes at a crucial time, following the enactment of new HM Treasury enabling legislation in March. This legislation designated operating a pensions dashboard service as a new activity regulated by the Financial Conduct Authority (FCA).
Sam Seaton, CEO of Moneyhub, emphasized the significance of collaboration in advancing pension dashboards, stating, “Consumers prefer to access all their pensions through a familiar, trusted app they already use. Through open finance, these apps can also provide a broader overview of users’ financial positions. Therefore, industry collaboration is essential to expedite the launch of commercial pensions dashboards and improve the financial well-being of millions of consumers.”
Richard Smith, an independent dashboards consultant and newly appointed chair of the Dashboard Operators Coalition, underscored the importance of close collaboration in the dashboard initiative. He highlighted the need for industry-wide cooperation to address the challenges associated with launching dashboards and emphasized consumers’ eagerness to utilize commercial pensions dashboards as soon as possible.
The Dashboard Operators Coalition represents a significant step forward in the advancement of pension dashboards, fostering collaboration among key industry players to accelerate their implementation and enhance consumer financial outcomes.
