Source · Select Committees · Work and Pensions Committee
Recommendation 26
26
Accepted
Paragraph: 110
When pension dashboards launch it will not be possible to undertake any transactions through them.
Recommendation
When pension dashboards launch it will not be possible to undertake any transactions through them. We understand why some people are calling for transactions to be facilitated through pension dashboards. However, with dashboards a long way from reality and a need to build trust in the system, we recommend that no consideration is given to allowing transactions through dashboards until they are well established.
Government response summary AI-generated
The government states that individuals using dashboards can delegate access to MaPS guiders or authorised financial advisers, and the MaPS dashboard will be integrated into the MaPS retirement planning hub.
Summary of the government's response below — read the verbatim text to verify.
Paragraph Reference:
110
Government Response
Accepted
HM Government · verbatim extract
Accepted
It is important to establish trust in dashboards as they are introduced, and until they are, that transactions should not be enabled. We have taken the position that they will start with a basic level of information, with the potential to include more detail or functionality as our understanding of consumer needs develop. We have been clear throughout that in order to develop a digital service that is safe, useful and relevant to consumers, future enhancements to dashboards functionality should not be decided before the initial offer has been tested with users and any behavioural effects are understood. This means that transactions will not be possible on the initial version of dashboards. Government and Financial Conduct Authority Responses to the Committee’s Fifth Report 15
Read the full response on Parliament ↗