What work is involved in doing a pensions dashboard?
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FCA permission: Making a very detailed Variation of Permission (VoP) application to the FCA to become a regulated Pensions Dashboard Service (PDS) firm, with evidence demonstrating, for example, how you have considered the Consumer Duty customer understanding outcome
Compliant User Interface (UI): Building a “front-end” pensions dashboard display, capable of showing pensions from right across the UK pensions universe, compliant with the FCA PDCOB Handbook rules, the Pensions Dashboards Programme (PDP) Data and Design Standards, and the DWP State Pension display standards
Compliant Application Programming Interfaces (APIs): Developing and testing detailed technical connections with a) the PDP Central Digital Architecture (CDA) (Find process) and b) data providers (View process), compliant with the PDP Technical and Security Standards
Ongoing operations, reporting and audit: Making your dashboard available, compliant with the PDP Operational and Service Standards, providing ongoing management information reports, compliant with the FCA supervisory requirements and the PDP Reporting Standards, and enabling annual audits by an independent external expert party to assess your ongoing compliance with all the various Standards.
How much of this can Moneyhub do, and why are clients deciding to partner with us for their dashboard?
Moneyhub can do it all: Moneyhub can do all the required work for you. We bring a combination of all the necessary multi-disciplinary expertise: regulatory, DB & DC pensions, user experience research, user interface design, API development and maintenance, service and support.
Expertise & Open Banking/Open Finance tools: Having decided that they want to offer a dashboard, more and more firms are now partnering with Moneyhub for two clear reasons:
Affordable availability of Moneyhub’s PDS solution and expertise
Ability to show customers their other assets alongside their pensions, straightaway or as part of a later phase, made possible via Moneyhub’s existing Open Banking / Open Finance connectivity.
Embedding Moneyhub’s dashboard within your existing app/website: For optimal customer journeys, into and back out of your dashboard, you will very likely wish to embed Moneyhub’s fully compliant pensions dashboard with your existing app(s) or website(s) which your customers already use and are already familiar with. There are options for how to achieve this embedding, depending on whether your firm wishes to:
A. Be the regulated PDS firm (if you’re an FCA authorised entity) or
B. Ability to show customers their other assets alongside their pensions, straightaway or as part of a later phase, made possible via Moneyhub’s existing Open Banking / Open Finance connectivity.
Yes. I would like to partner with Moneyhub