FCA consultation on pensions dashboard service

Commenting on the FCA’s consultation on the pensions dashboard service, Paul Waters, Head of DC Markets, Hymans Robertson, said:

“Pension dashboards are long overdue and a means to helping millions of people get a better picture of their retirement savings. To deliver the best customer outcomes we need to answer the ‘So what?’ for people when they see their data. The industry has all the tools to do this and create simple and compelling onward customer journeys to inform and guide people. We risk losing the benefit of this from an overly prescriptive and restrictive approach to managing customers through the dashboard journey and post view services. The Consumer Duty framework already protects customers and should be enforced robustly. Providers must be able to deliver the most comprehensive customer engagement and support model for dashboard customers if we are to leverage the full value from dashboards and help address the DC adequacy challenge.”