The Treasury must lead the drive towards a pension dashboard by a 2019 deadline, the Financial Advice Market Review says.
The FAMR, published today by the FCA and the Treasury, says the Treasury should challenge the industry to make a pensions dashboard available to consumers within three years.
The move follows comments from pensions minister Ros Altmann that it would take “a decade or more” for all pension policies to be online.
In December 2014 the FCA called for the industry to develop a Dutch-style dashboard giving consumers a single view of all their savings, including the state pension.
However, progress has been slow and the Government has been reluctant to take the lead.
The review says: “Poor access to data impedes consumers’ ability to make informed decisions, as they are unable to view and bring together information about their financial picture. It also makes the task of providing advice more difficult, as advisers need to devote large amounts of time to extracting data from banks and other institutions.”
The FAMR adds it is “encouraged” by the industry’s progress in developing a pensions passport, a single document with pensions information that could replace the often criticised and lengthy wake-up packs.
Aegon pensions director Steven Cameron says: “Aegon is a strong supporter of the benefits a pensions dashboard would bring, allowing individuals to see information on all of their pensions in a single place, using digital technology. We are pleased the report recognises the role the Treasury can play in championing this industry initiative.”