On 20 February 2024, the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2024 (the Order) was published, along with an explanatory memorandum. The Order amends the regulatory framework, to make operating a pension dashboard service which connects to the Money and Pensions Service (MaPS) dashboards digital architecture a regulated activity. Such dashboards will be provided by commercial bodies and, when developed, will allow individuals to view all their pensions data, including their state pension, in one place and online.

The Government notes in the explanatory memorandum that it is supporting the development of a non-commercial dashboard which is being hosted by the MaPS. The Government has also committed to allowing commercial bodies to operate their own pensions dashboards. As such, it has also committed to inserting a new regulated activity in the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (RAO) for the provision of pension dashboard services, which it considers important in order to mitigate potential consumer harm that could be brought about from the introduction and operation of pension dashboards.

The Order therefore provides the Financial Conduct Authority (FCA) with the power to regulate the operators of dashboards and ensure greater protections for consumers. Article 2(4) of the Order specifies the new regulated activity in the RAO, and Articles 2(2) and 2(3) ensure that the new regulated activity applies in relation to all pension information that is requested or provided using a pensions dashboard.

Firms that wish to operate a pensions dashboard service will be required to be or become FCA authorised with permission to undertake this new regulated activity. Operating a dashboard may include taking regulatory responsibility for any third parties involved in connecting to the MaPS digital architecture on their behalf.

Next steps

The Order comes into force on 11 March 2024.