PS24/15: Regulatory framework for pensions dashboard service firms

Read PS24/15 PDF[1]

Why we are changing

We will regulate firms that operate pensions dashboard services.

Pension dashboards will be secure digital interfaces that allow consumers to find their pensions and to view basic information about them.

Our regulatory framework enables consumers to confidently engage with pensions dashboards by making sure firms undertaking this new activity do not introduce or amplify the potential for consumer harm. 

Who this is for

This will be of interest to:  

• firms interested in operating a pensions dashboard service and who will need to get the new regulatory permission to do so
• bodies that want to help their customers, members or other consumers, to find and use a pensions dashboard service, for example, employers and charities  
• pension providers, trustees and administrators who will be supplying information to dashboard services for their pension savers to view
• individual consumers, and those representing the interests of consumers
   

Next steps

We are not yet opening the gateway to receive applications for authorisation and variation of permission.

We will open the gateway only when it is possible for applicants to show they are ready, willing and organised to undertake the new activity of operating a pensions dashboard service. This means we will not open the gateway until the Government and the Pensions Dashboard Programme[2] have produced all the information necessary for a firm to design and build a pensions dashboard service. We will give industry adequate advance notice of the gateway opening, accompanied by the finalised application forms. 

Publishing our rules now allows firms to start considering and preparing their prospective business models, service design, research and testing well in advance of our gateway opening to accept applications for the new permission. 

Background

We consulted on proposed requirements for firms operating a pensions dashboard service in December 2022 in CP22/25: Proposed regulatory framework for pensions dashboard service firms[3]. 

After Parliament approved the legislation to introduce the new regulated activity (February 2024), we published a further consultation in March 2024. CP24/4: Further consultation on the regulatory framework for pensions dashboard service firms[4] contained further and revised proposals prompted by the drafting of the regulated activity and feedback to CP22/25. 

This policy statement summarises feedback to both consultations and sets out our response.