FCA consults on pension dashboards and makes rules on non-workplace pensions

FCA has published proposals to enable pension dashboard operators to offer additional services that will improve engagement with pensions, provided they meet required standards. The additional services could include investment advice (including robo-advice) and modelling and calculation tools.  FCA asks for comments by 16 February 2023.

Separately, FCA has made its final rules that will require non-workplace pension providers to offer consumers a default investment option to support those consumers who are struggling to choose, while making available wider options to those that want them. Providers must also warn consumers about the risk that inflation will erode the value of significant and sustained levels of cash holdings – and FCA is encouraging firms to start doing this now, although they do have 12 months to implement the rules.

Emma Radmore