The Society of Pension Professionals (SPP) has today responded to the ongoing FCA consultation on the regulatory framework for pensions dashboard service firms.
The FCA has been consulting on new guidance for firms undertaking this new activity, with their consultation set to close today, Wednesday the 8th of May 2024.
The SPP consultation response makes clear that the FCA needs to take the dashboard project further, stating that dashboards must, “…have the ability to fully support consumers in their decision making to enable them to achieve better outcomes. Therefore, the choices proposed must be expanded at the outset, or be expanded within a relatively short period of time, to ensure that this is achievable.”
Jasmine Smiley, Chair, SPP Financial Services Regulation Committee, said; “Those who use the dashboards will quickly become frustrated if they are presented with lots of information but are provided with little to aid their decision-making beyond the permitted (and incredibly limited) signposting contained within the FCA’s proposals. The provision of information with very limited support is highly unlikely to incentivise users to return.”
