Following a roundtable discussion with industry representatives, Chair of the Work and Pension Select Committee Rt Hon Frank Field MP has written to the Pensions Minister urging him to commit now to legislation compelling firms to provide customer data for the Pensions Dashboard.
The Committee heard from industry that they are “keen to get started” but urgently need the Government to announce its intentions so that they can prepare.
The Committee Chair has written to the Pensions Minister, Guy Opperman MP, to press him to take action on the key points made during the meeting:
- The Government must make clear that it is going to bring forward legislation to require firms to provide access to customer data. Without compulsion, there will be no level playing field and not all firms will choose to provide data.
- To make the dashboard happen, there needs to be a secure authentication mechanism to verify the identity of customers, along the lines of the Government’s Verify service. There is a clear role for Government to play in providing this.
- Independent governance is crucial for ensuring that the dashboard works for customers and can command their confidence. This might involve a board with a mix of consumer and industry representation.
- There is a risk that, without appropriate regulation, a dashboard could make it easier for consumers to fall victim to scams or bad practice. Data security mechanisms and regulatory protection must be in place before the dashboard goes live.
A summary of the discussions at the roundtable session have also been published.