FCA makes early dashboards connection easier
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The Financial Conduct Authority has modified its rules around early connection to the pensions dashboard. Firms that want to connect to the digital architecture before 31 October 2026 now need to comply with the Conduct of Business Sourcebook dashboards section for 80% of their data instead of 100%.
The modification was published last week, with the FCA saying early connectors will not have to comply with COBS 19.11 for 100% of data but adding: “We would generally expect the firm to be in a position to comply with all of the provisions in COBS 19.11 from the date of connection in respect of at least 80% of its relevant pension scheme members.”
Early connection will allow the Pensions Dashboards Programme to carry out “critical user testing at scale and pace”, the FCA said.
“We acknowledge the unmodified rules may deter firms from connecting by the DWP guidance ‘connect by’ dates of April 2025 and January 2026 where they are unable to comply with COBS 19.11 for 100% of their relevant pension scheme members,” it added.
Emily Mae Collins, long-term savings policy adviser at the Association of British Insurers, welcomed the change.
"It will accelerate the industry's efforts to launching this revolutionary service, by allowing firms to connect the bulk of their data, whilst allowing for a limited extra time for the upload of any small pockets of more complex business,” she said.
“Having this modification of consent creates the flexibility for schemes to work with the government and regulators to enable a faster connection for firms.”
