On Apr. 29, 2024, UK FCA issued Apr. 2024 update, highlighting that, in Jul. 2023 UK FCA revised its rules in order to set a connection deadline of Oct. 31, 2026.
By this date, pension providers must be connected to digital architecture operated by Pensions Dashboard Programmeand be fully compliant with UK FCA COBS.
On Mar. 25, 2024, Department for Work and Pensions (DWP) published Pensions dashboards: guidance on connection: the staged timetable, setting out a staged timetable for connection to digital architecture ahead of Oct. 2026 connection deadline.
Dates in the guidance not mandatory, but FCA-regulated pension providers must have regard for it; for FCA-regulated pension providers, relevant connection dates in DWP guidance are Apr. 30, 2025 for firms with 5,000/more relevant scheme members, and Jan. 31, 2026 for firms with less than 5,000 relevant pension scheme members.
To better enable firms to connect by the dates specified in DWP’s connection guidance, FCA made available a modification by consent for firms unable to comply with FCA COBS 19.11 rules for 100% of relevant pension scheme members by dates in guide.
On Jun. 8, UK FCA issued update on delivering pension dashboards.
UK FCA issued an update on the process for introducing pension dashboards, following the Minister for Pensionsconfirmation of a new approach to delivering the dashboards.
UK GVT laid amendingPensions Dashboard Regulations for Parliamentary scrutiny that specify a statutory connection deadline of Oct. 31, 2026, for all occupational schemes.
UK FCA will therefor ask the Board to make corresponding deadline changes in the dashboard rules for UK FCA regulated providers after UKP approves these regulations.
The Minister also announced a staging timeline will be set out separately in guidance.
UK GVT and the Pensions Dashboard Program will collaborate with industry to develop the guidance this year, in line with the full terms of these final amending regulations.
UK ABI Response
Following the announcement, UK ABI Director of Long-Term Savings Policy Dr Yvonne Braun commented pensions dashboards could be truly transformational for savers.
UK ABI remains supportive of the government’s current reset of the delivery program.
It’s important to work through these complex and technical issues to ensure a smooth launch for firms and customers alike, to ensure that the best outcomes are achieved.
UK ABI members have indicated they’re willing and able to continue to comply with a voluntary timetable, although it would have been their preference that these remained a regulatory requirement to prevent last-minute rush of firms connecting to system.
UK ABI asks UK GVT to keep this under review and consider making staggered dates a regulatory requirement if it becomes clear the industry is not taking a same approach.
On Jul. 28, 2023, UK FCA confirmed that, in line with UK GVT's recently Pensions Dashboards (Amendment) Regulations 2023 (see #180347), it has revised its rules.
To align with connection deadline for occupational scheme trustees of Oct. 31, 2026.
Necessary changes to FCA COBS TP 2 rules made by Handbook Administration (No 66) Instrument 2023 (FCA 2023/33), the instrument is in force from Jul. 28, 2023.
FCA also reminds that a staging timeline will be set out separately in guidance, UK GVT, Pensions Dashboard Program will collaborate with industry to develop guidance.
Regulator confirms all firms in scope of these rules must have regard to this guidance.
Apr. 2024 Pensions Dashboards Update
On Apr. 29, 2024, UK FCA issued Apr. 2024 update, highlighting that, in Jul. 2023 UK FCA revised its rules in order to set a connection deadline of Oct. 31, 2026.
By this date, pension providers must be connected to digital architecture operated by Pensions Dashboard Programmeand be fully compliant with UK FCA COBS.
On Mar. 25, 2024, Department for Work and Pensions (DWP) published Pensions dashboards: guidance on connection: the staged timetable, setting out a staged timetable for connection to digital architecture ahead of Oct. 2026 connection deadline.
Dates in the guidance not mandatory, but FCA-regulated pension providers must have regard for it; for FCA-regulated pension providers, relevant connection dates in DWP guidance are Apr. 30, 2025 for firms with 5,000/more relevant scheme members, and Jan. 31, 2026 for firms with less than 5,000 relevant pension scheme members.
To better enable firms to connect by the dates specified in DWP’s connection guidance, FCA made available a modification by consent for firms unable to comply with FCA COBS 19.11 rules for 100% of relevant pension scheme members by dates in guide.
