Instead, if the commercial dashboard allows, users will be able to export the data back to themselves or to the firm hosting the commercial dashboard, who can then offer the user post-view services. These services could include giving advice on their pensions – maybe increasing contributions or consolidating funds.
Users have to give permission for their data to be exported, and firms cannot make exporting the data a condition for using the commercial dashboards. They cannot pre-populate application forms either.
The best guess for the date pensions dashboards go live is Autumn 2024. The picture is becoming clearer as to how pensions dashboards will work in practice and these proposed rules from the FCA should give advice firms enough leeway to be able to design services to help both new clients and existing ones make the most of their pension wealth.
Rachel Vahey is head of policy development at AJ Bell
