TISA responds to Pension Dashboard announcement
TISA is pleased to see HM Treasury fully commit to the pensions dashboard and confirms that it will continue to support government, industry and interested parties to help deliver this important financial tool for consumers.
Adrian Boulding, Policy Strategy Director at TISA said:
“It’s particularly pleasing to see the HMT commit to true open standards as this will enable competition and innovation to flourish in the development of dashboards, apps and other tools. This will benefit consumers who will not only be able to view their pension information, but will now also be encouraged via the tools provided to interact with their data and motivated to take action if they want to save more towards their income in retirement. It also opens up the way for further development towards our favoured approach of a retirement dashboard, taking into account the non-pension savings people expect to make use of to finance their retirement.
“Creating a digital identity for consumers of financial services is a pre-requisite of the dashboard and the digitalisation of UK financial services. TISA’s project to deliver a digital ID for consumers of UK financial services is well advanced. Governance of the data open standards is also essential and we would be supportive if an independent, single body, was established to oversee the development and governance of digital open standards for UK financial services.”
Ends….
For further information please contact:
Alistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.com
Sara Neidle – Telephone: 020 7680 6550 / Email Sara.Neidle@newgatecomms.com
Jessica Hodson Walker- Telephone: 020 7680 6538/EmailJessica.HodsonWalker@newgatecomms.com
Email: TISA@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. The focus of our recommendations and actions is improved outcomes for consumers and UK plc with this approach leading to a stronger UK financial services industry.
TISA’s growing membership comprises over 150 firms involved in the supply and distribution of savings and investment products and services. These members represent many different sectors of the financial services industry, including asset managers, insurance companies, fund managers, distributors, building societies, investment managers, third party administrators, consultants and advisers, software providers, financial advisers, pension providers, banks and stockbrokers.
TISA has a successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for the public. Effective policy and regulation and the creation of efficient industry infrastructure continues to be the major focus for our members. TISA is unique in that it represents the entire financial services industry, incorporating cross-sector policy, industry and technical expertise. Whilst we maintain a solid partnership with government, the regulators and wider industry, we remain independent and develop neutral views and opinions. This impartiality is reflected in our ability to drive development projects which improve industry performance and consumer outcomes, putting us in the unique position of being able to constantly challenge the status quo to bring about material improvement.