Pensions dashboard operation becomes regulated

“Operating a pensions dashboard service” which connects to the MAPS dashboards will become a regulated activity under the RAO with effect from 11 March. For these purposes, any pension in respect of which information is requested by, or provided to, an individual using such a service will be a “specified investment” under the RAO.

Since breach of the new requirement would be a criminal offence, the change has been approved by both Houses of Parliament.

FCA consulted at the end of 2022 on standards that pensions dashboard service operators would need to meet.

Emma Radmore