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Pensions: Consumer Information

Department for Work and Pensions written question – answered on 6th February 2020.

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Photo of Lord Tyrie Lord Tyrie Non-affiliated

To ask Her Majesty's Government what plans they have, if any, to make pension dashboards interoperable with Open Banking, including the processes for customer authentication.

Photo of Baroness Stedman-Scott Baroness Stedman-Scott The Parliamentary Under-Secretary of State for Work and Pensions

The Government recognises the achievements made by Open Banking and the potential for the Industry Delivery Group, as a part of the Money and Pensions Service to learn from their experience to inform the development of pensions dashboards. At the same time, we recognise that Open Banking aims to improve consumer outcomes in an environment where consumers already know what they have and who they bank with, which enables consumers to authenticate themselves directly with their bank provider.

The Department for Work and Pensions response to its consultation on pensions dashboards highlighted where there were potential opportunities to align with Open Banking for example, on some aspects of the data standards and the governance register. The Department for Work and Pensions is working with the Department for Business, Energy and Industrial Strategy, which is currently leading a smart data review that is looking at ways to promote interoperability across financial services and other sectors. The Department for Business, Energy and Industrial Strategy’s proposals, following on from its consultation paper from June 2019, will be published in due course.

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