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Press Release - ABI report shows need for Government intervention to ‘energise the industry’ about Dashboard, says PASA
PASA has commented on the report ‘reconnecting people with their pensions’, published by The Association of British Insurers (ABI) today. As one of the original advocates of the Dashboard project, PASA has been working with the project team to help create the emerging standards.
Margaret Snowdon, Chair at PASA, commented: “This report goes a long way to demonstrating the extent of work being undertaken to help set out what Dashboard might mean to consumers, as well as the wider industry. It is also pleasing to see PASA’s contribution being recognised.
“It is clear that strong governance will be key to the success of Dashboard, and compulsion will be necessary in the long run. The report calls for Government commitment to Dashboard and a timetable for its development, which will demand a great deal from hard-pressed schemes and administrators. We should approach this with positivity however, as the benefits outweigh the costs.”
Snowdon added: “Funding must also be considered and the government should now be looking at creative ways to support these essential improvements for the benefit of the nation. This will be the much needed boost to energise the industry about Dashboard and PASA looks forward to playing its part.”