Focus areas to April 2023
Updated version of standards
The consultation on standards in July and August had a strong response rate. PDP is now reviewing the responses and making updates to the standards documents. The updated draft versions of these documents will be published in the winter, outlining where changes have been made. The standards will need the approval of the Secretary of State for Work and Pensions.
Design standards consultation
PDP is reviewing the responses to the call for input as part of producing draft design standards. A consultation will be held in the winter, alongside the FCA’s consultation on QPDS rules, seeking feedback on the draft design standards. As with the other dashboard standards, PDP will then review the consultation feedback and produce a updated version of design standards for publication in 2023.
PDP will be providing an update on consumer protection to clearly explain the extent the of obligations of pension providers and schemes, and dashboards providers. This will set out how consumers are being protected through the distributed regulatory framework, highlighting which regulator is responsible for ensuring compliance in relation to organisations’ interactions with dashboards.
As pension providers and schemes approach their compulsory connection windows, PDP will devote particular attention to raising awareness of the timeline and dashboards duties that they will need to meet. To achieve this, we will continue to engage with the pensions industry to help them prepare and work with regulators including The Pensions Regulator (TPR) and the FCA.
In early 2023, a connection hub will be available on the PDP website where schemes and providers will find a range of supporting content to help them commence the connection process. In addition, we will run webinars and a programme of engagement to support providers, schemes and other organisations who will be completing the process.