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TISA response to the FCA’s intention to build a ‘pensions dashboard’ – creating a savings culture

March 26, 2015

Responding to the Financial Conduct Authority (FCA) intention to build a ‘pensions dashboard’ where savers can view all their lifetime pensions in one place, David Dalton-Brown, TISA Director General said:

“We are very supportive of the ‘pensions dashboard’ concept and it fits in with the development of the digital passport that TISA, through The Savings and Investments Policy project (‘TSIP’), is now working to deliver. The digital passport is about developing a secure digital identity that can be used to revolutionise and simplify how consumers manage their money, making it easier to save money in the first instance as well as managing their savings pots.

“Recent research by TSIP, an unprecedented coalition of 50 entities from across the financial services industry, reveals that an additional 15 million adults would save more if the process of opening savings and investment products and transferring money was made easier. Additionally, over a third (36%) of people would find it easier to manage their personal finances if all of their details were held on one online site.

“It is essential that we grasp this now and consider all ways that we as an industry can create a culture where it is as easy to save for both young and old generations. We are living in an increasingly digital world and a financial services digital passport is the next logical step.

“It is up to financial institutions to drive innovation and the regulator has a role in ensuring that this innovation is in consumers’ best interest. It’s still early days, but the creation of the ‘pensions dashboard’ is a positive move which we support. We will continue to offer support to the DWP and to identify any crossover opportunities that will benefit both schemes.”

TISA’s mission is to work with all relevant stakeholders to review, develop and implement effective policies, regulations, products, advice and services; thereby encouraging individuals to have the appropriate savings and investments to support them, and their families, throughout their lives. It has 147 members drawn from every part of the financial services industry and further details of its activities can be found at http://www.tisa.uk.com.

Ends….

For further information please contact:David Dalton-Brown, Director-General, TISA – Tel: 01642 666995Email: TISA@newgatecomms.com

Issued on behalf of TISA by Newgate CommunicationsAlistair Kellie – Telephone: 020 7680 6558/Email Alistair.Kellie@newgatecomms.comSara Lyons – Telephone: 020 7680 6543/Email Sara.Lyons@newgatecomms.com

Notes for Editors

TISA is a not-for-profit membership association operating within the financial services industry. We represent the interests of over 147 member firms involved in the supply and distribution of savings and investment products and services.

TISA has a highly successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for consumers. Policy and regulation continues to be the major focus for our members with regard to corporate responsibility.

TISA and its members’ remit is evolving into a clearer focus on pro-active consultation in the regulatory world in order to influence policy and associated regulation before its creation, rather than reacting to issued policy directives. This will help to ensure a more considered policy creation from the authorities. Website: www.tisa.uk.com