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Pensions minister: Data protection key to prevent dashboard scams

Savers will only be engaged in the pension dashboard if they have trust and confidence in the information it provides, according to the pensions minister.

Speaking yesterday at a pensions dashboard development day event, pensions and financial inclusion minister Guy Opperman said all parts of the industry need to be on board with the project to make it a success.

He said: “Proper engagement will only happen if the consumer has trust in the dashboard and confidence that the information is complete to the extent that it is useful.”

Opperman added: “The independent user research commissioned through the Money Advice Service highlighted the low tolerance among consumers for an incomplete dashboard.”

Pensions minister: How we can boost engagement in 2018

A Department for Work and Pensions feasibility study is currently looking into whether some kind of “compulsion” is needed to get the dashboard ready by a certain time.

Opperman said yesterday: “If it is appropriate and necessary to legislate to bring schemes on board within a reasonable timeframe, we will do so.”

He also said consumer protection will be crucial for the dashboard’s success.

Opperman said: “Whatever our approach, and particularly if we enable expansion into the open market, a consumer protection framework will be vital to mitigate the risks of poor choices, potential misselling and scams. And of course, the data must be kept secure.”

He added: “We need to maximise people’s engagement in their pension while maintaining their trust. We will ensure that consumer interests are properly safeguarded and their information protected.”

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