Members of the Chartered Institute for Securities & Investment (CISI) have called for transparency on costs to the advice sector in relation to the pensions dashboard.
Responding to the government’s consultation on the project, CISI members expressed concerns over who will pay for the set-up and maintenance of the dashboard.
The members noted the additional financial burdens being placed on the industry lately, such as the hefty Financial Services Compensation Scheme levy and rising professional indemnity costs.
Additionally, CISI members said, it was important there be a single dashboard to ensure consumers were not confused by several potential offerings. They added they wanted to feel confident in relying upon the information contained in a single, central dashboard.
CISI chief executive Simon Culhane said: “The experience of Australia and the US has demonstrated the benefits and greater awareness for consumers of their biggest asset, which is especially important given our increased longevity and the need to make our money last longer.”
In December, the government formally gave the go-ahead for an industry-funded dashboard. It then launched the consultation – which closes on 28 January – on a range of matters, including delivery models and governance.