There will not be a single dashboard provider, and a wide range of commercial dashboards are expected to emerge over time. This diversity will offer users the flexibility to choose the platform that best suits their needs.

Any dashboard provider will be regulated by the FCA and will have to follow strict rules to be allowed to offer their dashboard and become a regulated Qualified Pensions Dashboard Services (QPDS) firm.

A key requirement for becoming a dashboard provider is to comply with the consumer duty regulations. Organisations hoping to become authorised to offer their dashboard service will need to prove to the FCA that they are acting to deliver positive consumer outcomes.

Timelines vary depending on the complexity of the application, but it is estimated to take around six months to complete. Although the dashboard service won’t be publicly available for a few years, it’s crucial to begin the application process now.

Securing FCA approval is just the first step; only QPDS firms can access the Government’s central digital architecture for live data testing, which is crucial for identifying and implementing improvements to ensure your dashboard is ready for public use.