PDP picks three providers to help with dashboards development
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The Pensions Dashboards Programme has chosen Aviva, Bud and Moneyhub as potential pensions dashboards providers that will support the early work on design standards and technology, in addition to the Money and Pensions Service’s non-commercial dashboard.
The PDP said the three firms represent different types of organisation that are likely to be in the future dashboard provider market; they include an insurer, an open banking platform and an open data fintech.
The initial test phase will run for six months from December 2021, with PDP helping the three providers prepare to connect their dashboards to the central digital architecture. The providers will help refine the onboarding process, as well as taking part in end-to-end testing of the system to improve its functionality.
The PDP said the three firms represent different types of organisation that are likely to be in the future dashboard provider market; they include an insurer, an open banking platform and an open data fintech.
The initial test phase will run for six months from December 2021, with PDP helping the three providers prepare to connect their dashboards to the central digital architecture. The providers will help refine the onboarding process, as well as taking part in end-to-end testing of the system to improve its functionality.
Raman Dhaliwal, head of product at the PDP, said: “We are delighted that we received such a positive response from organisations intending to supply pensions dashboards. We look forward to working closely with Aviva, Bud and Moneyhub, as well as the Money and Pensions Service dashboard team, as we move into our alpha testing phase.“
Taking individual responsibility for retirement planning is more important than ever, said Roger Marsden, managing director retail sales & retirement at Aviva. "Currently fewer than one-in-ten use the internet to manage their investments, such as pensions, even though it is a perfect vehicle to provide access to a range of suitable tools to help them achieve their retirement goals. We’re thrilled to be a part of the next phase of the Pensions Dashboards Programme and alpha testing of the dashboard ecosystem, as ultimately it will allow millions of people to monitor and manage their pensions online in one place for the first time," he added.
Ed Maslaveckas, founder of Bud, said an open finance ecosystem in the UK is an inevitability now.
"Open finance carries with it a huge opportunity for wealth managers to help people make better provisions for their future. We’re focussed on ensuring that our clients are in the best possible position to capitalise on that,” he said.
"Open finance carries with it a huge opportunity for wealth managers to help people make better provisions for their future. We’re focussed on ensuring that our clients are in the best possible position to capitalise on that,” he said.
Dan Scholey, CCO at Moneyhub added: “We believe that consumers not only have a right to be in control of their financial information, but it is imperative for financial wellbeing.”
