FCA published a modification by consent to COBS TP 2.38BR, re connection by firms to UK MaPS pensions dashboards digital architecture before Oct. 31, 2026, even where they are unable to connect, and comply with COBS 19.11 for 100% of members' data.
Also added details of modification to Waivers and modifications by consent page.
Follows UK GVT Mar. 2024 issued pensions dashboards timetable guide, see #206197.
Background
UK GVT Mar. 2024 guidance set out a staged timetable for connection to MaPs digital architecture with connection deadlines depending on the size of the pension scheme.
Apr. 30, 2025 for schemes over 5,000 members, Jan. 31, 2026 schemes less than that.
FCA-regulated operators of relevant personal/stakeholder pension schemes must have regard to guidance when preparing to connect, comply with COBS 19.11 in FCA HB.
Connecting to MaPS pensions dashboard digital architecture in line with connect by dates in guidance will allow critical user testing to be carried out at scale and pace.
FCA aware that unmodified rules may deter firms from connecting by dates in guidance where are unable to comply with COBS 19.11 for 100% of relevant scheme members.
Modification
Through the modification, a firm can ensure compliance with COBS 19.11 where they connect before Oct. 31, 2026 but are unable to comply for 100% of members' data.
Direction includes guidance that, if firm connects before Oct. 31, 2026, in reliance on modification, FCA would generally expect firm to be able to comply with all provisions in COBS 19.11 from date of connection re at least 80% of pension scheme members.
Firms make take advantage of modification by emailing FCA, regulator will then write to firm to confirm modification is active, and will publish all modifications granted.
Effectiveness
Modification valid till Oct. 31, 2026 from start date of direction, unless withdrawn.
