Regulator pushes pensions dashboard proposal

The Financial Conduct Authority is proposing a pensions dashboard allowing consumers to see all their pension pots in one place, following a study on retirement income it carried out last year. The regulator also wants an annuity quotation ranking system so that consumers can easily see if they could get a better deal by shopping around. The moves are some of the recommendations following its retirement income study carried out last year. The FCA has confirmed it will proceed with the recommendations from the study.In the interim report published in December, the FCA identified concerns and proposed remedies designed to support consumer choice in the retirement market, particularly as pension reforms take effect. The regulator says that the majority of the respondents to the consultation agreed with this view of the market and the suggested remedies.The proposed remedies are:requiring firms to provide an annuity quotation ranking so that consumers can easily identify if they could be getting a better deal by shopping around;redesigning and 'behaviourally trialling' the information that consumers receive from their providers, such as wake up packs, in the run up to their retirement;in the longer term, the creation of a pensions dashboard which will allow consumers to see all their pension pots in one place.Christopher Woolard, director of strategy and competition at the FCA, said: "The retirement income market is set for the biggest change in a generation. Over the next 12 months we want to ensure that the market is fit for purpose in the new landscape."We received considerable support for our proposals and we will be working with Government and the industry to implement all of our recommendations so that consumers can have confidence that they are getting the best possible outcome when making decisions on their retirement income."{desktop}{/desktop}{mobile}{/mobile}In addition, the FCA wants to see firms framing the options available to help consumers make good decisions, rather than to drive sales of certain products. The FCA will be monitoring the market to track consumer outcomes, as well as the take up of the Pension Wise service.Further consultation on annuity comparisons and the replacement of the wake-up packs will take place as part of the FCA's policy work in the retirement income market this year. The FCA has started to design the behavioural trials that will be carried out with consumers and is contacting firms from today to work on these. The results of these trials will inform any rule changes necessary, says the FCA.The FCA will work with Government to develop a Pensions Dashboard in the longer term, it says.

Regulator pushes pensions dashboard proposal

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