The Financial Conduct Authority (FCA) has set out new standards for pensions operators.

The rules, for operators of pension dashboards and providers of non-workplace pensions, will provide consumers with “easier access” to information about their pension savings, the watchdog said.

For dashboard operators, the guidance spans the FCA’s approach to supervision and enforcement on fees, regulatory reporting, record keeping, prudential requirements and conduct rules.

For non-workplace pensions providers, the FCA’s final rules require providers to offer consumers a default investment option, to support those struggling to make a choice. Providers can continue to offer wider options for more engaged consumers.

Under the proposals, dashboard operators will be able to offer savers additional services that ‘improve engagement’ with pensions, provided they meet rigorous conduct standards.

These services could include investment advice - including robo-advice - or guidance, as well as provide models, calculators and other similar tools, the FCA said.

“Pensions dashboards will give savers better access to their data, helping them make better decisions for their retirement,” said Sarah Pritchard, executive director for markets at the FCA. “Our proposals will encourage innovation while ensuring that we have the right rules in place to protect consumers.”

The new standards com after the FCA called for higher quality credit information so that lending decisions better match consumers’ financial circumstances.

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