Regulatory Alerts2022-11-30
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.