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Real Users. Real Stories. Real Impact.

How Open Finance helps Moneyhub users get control of their money and businesses Consumer Duty ready

Customer Stories

Pensions Dashboards Timeline

The assumed timeline is based on latest announcements from DWP, PDP & FCA. (April 2023)



Phase 0 Business Case

• Build business case
• Select PDS partner
• Obtain approvals to proceed with PDS project

 
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Launch Timeline

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Phase 1 VoP application
(ca. 6 months)

• Decide on journeys in, data export process, and initial PVSs
• Build consumer testing evidence base, including how Consumer Duty has been considered
• Devise take to market plan
• Plan ongoing support model
• Ensure UI and APIs are compliant
• Appoint expert auditor
• Undergo pre-connection audit
• Complete VoP application and all supporting documentation
• Submit VoP to the FCA


Phase 2 Build and test
(ca. 12-18 months)

• Build core PDS and journeys before and after
• Receive PDS permission from the FCA
• Connect to the PDP CDA
• Execute extensive end-to-end testing plan and iterate PDS & journeys accordingly, including: - data variant testing across a range of types - scale testing by a body on invited customers - user reactions, by segments, and next steps
• Execute take to market plan
• Build ongoing support function
• Undergo annual compliance audit
• Prepare for the Dashboards Available Point in accordance with DWP six-month notice


Phase 3 Launch and iterate your PDS

• Launch your PDS to your customers
• Monitor live usage
• Iterate your core PDS and PVSs based on extensive user live experience and reactions when users see their pensions (and other finances) together in one place
• Develop further PVSs & notify FCA

Moneyhub’s PDS timeline

Our aim is to be ready to
a) submit our VoP as soon as possible in 2023
b) launch our PDS straightaway at the DAP in 2024 / 25

When do you want to be able to launch your PDS to your customers?

 

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