Providers should not be forced to provide customer data for a new pensions dashboard, the chairman of The Pensions Regulator (TPR), has said.
Speaking at a conference in London on 16 May, Mark Boyle said it was his “personal preference” that providers volunteer their data to a “pensions dashboard” rather than be compelled to do so.
Former Pensions Minister Steve Webb, now policy director at Royal London, had called on the government to step in to drive the initiative forward.
But Boyle said he believed legislating to force providers to supply data to the dashboard was not currently needed, as the commitment was already in place to get the project off the ground, the FT wrote.
He told delegates at the conference: “There is such a consensus among the different providers and different parties involved that this is the right thing to be doing.
“The thing to do is to focus on getting it up and moving, working with a coalition of the willing and I believe this will be so successful that people will want to join it.”
The government set a deadline for the industry to create the dashboard by 2019, to deliver on a digital service which will allow consumers to log on and see all their retirement pots in one place.
However, there are concerns that some providers may be reluctant to hand over data unless they have to, potentially leading to a less comprehensive service.
Boyle said the TPR intended to “play an active role” to make the dashboard happen but recommended a steering group, made up of pension providers and government, should oversee the project.
He called for a clear statement of intent from government and other regulators such as the Financial Conduct Authority.
“It’s clear that there is the political and commercial will to make the dashboard a reality,” Boyle said.
“But it’s not within TPR’s gift to do it alone. We need to work together public and private sector.”
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