Richard at work
Richard Smith’s enthusiasm for the dashboard project remains undiminished. More than anyone, he champions dashboards as part of the way we “do pensions”.
He is a bridge between those who fear the commercial exploitation of dashboards and those who are driving forward innovation. He finds himself an object of suspicion from those who would have a single MaPS dashboard and from those arguing for “open pensions”.
He manages the many conflicts this creates with a charm and good humour that wins him universal applause. Here he is on linked in , reporting on recent meetings in the House of Commons suggesting that the commercial dashboards he so wants, have cross- party political support
So, so, good, in Parliament last week, to hear such strong Labour and SNP support for FCA-regulated commercial pensions dashboards (QPDSs), subject to appropriate consumer protections – watch or read again at the links below.
It’s great for industry to have certainty around QPDSs, whatever the outcome of the upcoming General Election. In fact, statements from Shadow Economic Secretary to the Treasury Tulip Siddiq MP were so fantastic, here they are:
1. We [Labour] support any initiative that helps people manage their finances and save for later life.
2. These changes [i.e. allowing QPDSs] are long overdue.
3. To reach their potential, dashboards must be incorporated into services people already use.
4. When will the FCA publish its final [QPDS] rules?
5. Does the Government expect commercial dashboards and the MoneyHelper dashboard to be available at the same time?
6. Will pension dashboards rely on other parts of Government, such as the new GOV.UK
One Login service?
7. Some commercial dashboards will present other financial data alongside pensions which is one of the main benefits to consumers: to see all their finances in one place.
Read: https://lnkd.in/eixNnbm7
Watch: https://lnkd.in/efFVkFbv
It was only recently that I absorbed the fact that small schemes (under 100 non-pensioner members) are going to be exempt from the PDP.
Given that it’s the small pensions that are the hardest to find that would seem to defeat the object of the whole project!
One of the changes that would hasten the arrival of a dashboard for all is to reduce the number of pension providers.
Rather than exempt small schemes consolidate and reduce the number of providers. Where the service standards are unacceptable would be a good place to start.
There is a model for this in the culling of small SIPP providers and large ones that gave poor service from around 2010. consolidation of the market improved the administration and removed abuse.
Larger providers could fund a common platform.
If radical action is not taken then the endless reports will ensure it never happens.