3 min read: New FCA and PDP consultations have been published on how dashboards must look and feel. We’re engaging with our customers and clients to obtain key feedback on these proposals and examine how they’ll really work for users.
By Richard Smith, Moneyhub Pensions Dashboards Strategy Adviser
It’s no secret that we’re massive supporters of pensions dashboards here at Moneyhub. We know that millions of consumers want to grow their confidence and gain clarity around their money for their later lives.
We’re an alpha partner to the Pensions Dashboards Programme (PDP) and we’ve shared our alpha dashboard for all to give an early view of how dashboards can help consumers and what they could mean for pension providers.
But what do consumers really want from a Pensions Dashboard? We’re committing to finding out.
Research with real users
From our extensive Open Banking experience, we know how important it is to seek feedback from real users on key elements of the UX (User Experience). Controls are vital for consumer protection, but they must also allow room for provider innovation to best meet consumers’ needs, so they can grow in confidence with enhanced overall financial wellbeing.
We really want to help ensure pensions dashboards land well for consumers. So, we’re going to ask some real consumers what they think about the FCA’s and PDP’s dashboards proposals.
Working with invited members of Moneyhub’s app user community, we will test consumer reactions to the various design controls being proposed today by FCA and PDP. We will also test these customer views with our corporate clients. All of this detailed intelligence will feed back into Moneyhub’s consultation responses back to FCA and PDP in February.
The FCA and PDP are shining a spotlight on consumers
Whilst dashboards have been in the pipeline a while, much of the debate has been on scheme compulsion and compliance.
Now though, these two further consultations firmly put the spotlight on a third, and most important, “C” - consumers:
FCA are consulting on the draft regulatory framework for pensions dashboards: or, in simpler words, they’re proposing draft rules for how all authorised providers of Qualifying Pensions Dashboard Services (QPDSs) must behave towards consumers. This covers things like: What criteria must providers meet to get FCA’s permission to operate a QPDS? What must, and mustn’t, QPDS providers do? When can QPDS providers allow dashboard users to export their found pensions information? etc.
PDP are consulting on the draft Design Standards for pensions dashboards: In parallel with FCA’s QPDS rules consultation above, PDP is making proposals for how all QPDS providers must display consumers’ pensions. For example, on the list of users’ found pensions, in what order should they appear? And how should important contextual messages about the different pension amounts be presented on dashboards?
What next?
FCA and PDP will then review all the feedback they receive and publish final QPDS rules / Design Standards, probably in early Summer 2023. Moneyhub will then apply to the FCA to become one of the first authorised QPDS providers. Corporate clients will be able to use this dashboard, standalone or white-labelled, to help their customers see all their pensions together.
We know consumer confidence is low, and consumer confidence in pensions is rock bottom. Many consumers lack the ability and / or confidence to answer very basic questions about their pensions, such as: ‘What pensions have I got?’, ‘Will I have enough?’ and ‘What can I do?’
Dashboards will revolutionise pensions customer service: enabling consumers to do a secure digital search for all their pensions and then see an indication of their total pension position.
Users of the Moneyhub dashboard (standalone or white-labelled) will also be able to see their pensions within the wider context of all of their financial assets and liabilities, including investments, savings, property, loans, mortgages, bank accounts, credit cards and more, through Moneyhub’s Open Finance app.
Looking ahead.
Pensions dashboards present a generational opportunity to grow consumer confidence, but only if the mandated controls on, and design of, dashboards works well for consumers of different types. At Moneyhub, we’ll continue to ensure the voice of the consumer is heard, so that, when launched, dashboards offer consumers a truly useful service, helping them plan for retirement, and enhancing lifelong financial wellbeing.