RegAlert2022-11-30
Added · Updated
Proposed regulatory framework for pensions dashboard service firms
The Financial Conduct Authority proposes a new regulatory framework requiring commercial entities operating pensions dashboard services to obtain FCA authorization and specific permission for this new regulated activity. The proposals mandate robust governance, systems, and controls, including the application of the Senior Managers and Certification Regime, while establishing prudential requirements to ensure adequate financial resources for redress liabilities and orderly wind-down. Specific conduct standards are introduced to govern core 'find and view' functions and any additional add-on services, ensuring fair value and restricting data usage, with compliance required alongside existing Government regulations and Pensions Dashboards Programme standards.
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Proposed regulatory framework for pensions dashboard service firms Consultation Paper CP22/25* December 2022
CP22/25 Financial Conduct Authority
Proposed regulatory framework for pensions dashboard service firms Moving around this document Use your browser’s bookmarks and tools to navigate. To search on a PC use Ctrl+F or Command+F on MACs. How to respond We are asking for comments on this Consultation Paper (CP) by 16 February 2023. You can send them to us using the form on our website. Or in writing to:
Francesca Morphakis
Financial Conduct Authority
12 Endeavour Square
London E20 1JN
Telephone:
020 7066 2409
Email:
cp22‑25@fca.org.uk
Sign up for our news and publications alerts See all our latest press releases, consultations and speeches. Contents 1 Summary 3 2 The wider context 9 3 High level standards, supervision and enforcement 16 4 Prudential requirements and wind‑down procedures 32 5 Conduct standards 36 6 Senior Managers & Certification Regime 61 7 Dispute resolution 72 8 Authorisation 78
Annex 1
Questions in this paper 82
Annex 2
Cost benefit analysis 85
Annex 3
Compatibility statement 102
Annex 4
Abbreviations used in this paper 108
Appendix 1
Draft Handbook text
Appendix 2
Draft Forms
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Source: Financial Conduct Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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