Economic secretary to the Treasury Simon Kirby will publicly launch the Pensions Dashboard Prototype and challenge teams of developers from over 20 technology firms to build potential applications in a 24 hour TechSprint, working round the clock to showcase ideas.
The ABI event will also be attended by policy and consumer experts to discuss how dashboards can best help consumers understand and make decisions about their pensions and retirement planning.
The event will be part of the second FinTech Week which takes place next week. The event brings together industry, government and regulators to discuss issues affecting Britain’s FinTech sector, including investment, access to skills and business support to FinTech start-ups.
The centrepiece is the first International FinTech Conference organised by HM Treasury and the Department for International Trade on 12 April.
The event will be hosted by Chancellor Philip Hammond and feature the Governor of the Bank of England, Mark Carney and the Economic Secretary to the Treasury, Simon Kirby as well as other leading figures from FinTech, Venture Capital and Financial Services organisations including Taavet Hinrikus (TransferWise), Samir Desai (Funding Circle), Eileen Burbidge (HM Treasury Fintech Envoy), Xavier Rolet (LSE plc), Douglas Flint (HSBC), Alastair Lukies (Prime Minister’s Business Ambassador - FinTech) and Andy Stewart (Motive Partners).
The conference is sponsored by EY, HSBC, Pinsent Masons and Motive Partners and will include exhibition space for 100 of the UK’s top FinTech firms.
Chancellor Philip Hammond said: “Britain is already the best place in the world to start and grow a FinTech company. These events are a great opportunity to show why. The first ever International FinTech conference will bring together dynamic UK firms with an exciting vision of the future and global investors who can support their future growth.”
Economic Secretary Simon Kirby said: “Growing our FinTech sector will deliver a radical change for consumers. It will revolutionise how we all bank and improve financial inclusion at home and abroad.”
Many pension providers have signed up to support the Pension Dashboard project including Abbey Life, Aon, Aviva, Fidelity International, HSBC, Legal & General, Lloyds Banking Group (Scottish Widows), LV=, NEST, NOW: Pensions, Phoenix, Prudential, Royal London, Standard Life, The People’s Pension (B&CE), Willis Towers Watson and Zurich. The Department for Work and Pensions is also involved.
The ABI is managing the creation of a prototype dashboard on behalf of the Treasury with a goal to deliver in 2019 a facility which will enable savers to see all their pension entitlements together online, to give them a clear sense of what income they can expect to have in retirement. The FCA announced its wish to see a Pensions Dashboard in 2014.