Under the current FCA proposals dashboards will include only limited signposting to advice and guidance, which the submission from SPP said consumers may find frustrating.

Jasmine Smiley, chair of the SPP Financial Services Regulation committee, said: “Those who use the dashboards will quickly become frustrated if they are presented with lots of information but are provided with little to aid their decision-making beyond the permitted (and incredibly limited) signposting contained within the FCA’s proposals. The provision of information with very limited support is highly unlikely to incentivise users to return.”

The SPP’s response to the FCA’s consultation on guidance for firms undertaking Pensions Dashboards, called on the FCA to take the project further.

It suggested: “Dashboards must have the ability to fully support consumers in their decision making to enable them to achieve better outcomes. Therefore, the choices proposed must be expanded at the outset, or be expanded within a relatively short period of time, to ensure that this is achievable.”

The FCA’s consultation on new guidance to be added to its Perimeter Guidance Manual (PERG) is set to close today.

Pensions Dashboard Connections are due to start in April 2025, giving the first schemes to connect more than a year to ensure they are ready for the October 2026 deadline.

All 3,000 schemes will be legally required to be connected to the dashboard system by 31 October 2026 at the latest.

The FCA has recommended that all firms who provide pensions and retirement planning services read the suggested changes to the PERG.

The new updated Manual is expected to be published towards the end of this year.

SPP is the representative body for providers of advice and services to pension schemes, trustees and employers. It has 15,000 members including actuaries, lawyers, investment managers, administrators, professional trustees, covenant assessors, consultants and specialists.