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FCA publishes dashboard rules for pension providers
United Kingdom | Publication | November 2022
Following its consultation in February 2022, on November 1, 2022, the FCA published a policy statement (PS22/12) setting out its final pensions dashboard rules and guidance for FCA-regulated pension providers.
Under the final rules, firms will be expected, by August 31, 2023, to:
- Complete connection to the digital architecture operated by the Pensions Dashboard Programme.
- Be ready to receive requests to find pensions and search records for data matches.
- Be ready to return pensions information to the consumer's chosen pensions dashboard.
The FCA rules explicitly require pension providers to comply with Data, Technical and Reporting standards, and a Code of Connection (covering security, service and operational standards) that the Money and Pensions Service (MaPS) will publish shortly.
The FCA confirms that it will consult shortly on its proposed regulatory framework for operators of qualifying pension dashboard services, with a view to opening the authorisations gateway in summer 2023.
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