I heard Richard Smith at a Select Committee the other day sharing his view that he does not think we are going to see any private sector dashboards. So, I scheduled a chat with him to hear more. Not only does he have ideas about why these might not materialise, but he also has some great ideas about how we can still involve the private sector.
PG: So you think private sector dashboards aren’t going to happen?
Richard: Sadly no. The regulatory bar is very high and too uncertain. Firms want to do them, but they can’t make a business case with so much uncertainty. I led a group of 15 firms who all wanted to do it, but none could commit without a clear timeline. Government keeps saying they’ll happen, but it’s industry which must deliver them, and, currently, industry can’t justify the investment.
The problem is that private firms would be taking a huge commercial risk in developing dashboards without a stable regulatory framework. If approval depended on one government body, that’s already a challenge. If it’s two, the risk multiplies. But in this case, at least six different government entities are involved, and they’re not coordinating particularly effectively. No firm will invest a million or more in something that might not launch until sometime in the 2030s. Despite what government officials say, private dashboards simply won’t happen any time soon, if ever.
PG: If we only have one dashboard, what’s the impact?
Richard: Usage will depend on advertising. If Martin Lewis tells people to go to MoneyHelper, they may. But government-built services, like MoneyHelper, aren’t necessarily as engaging as private sector apps. Moneyhub, for example, has experts refining every word, button placement, and colour to optimise user experience and comply with the FCA Consumer Duty. Government websites have their own design principles but won’t necessarily go that deep.
Plus there’s a fundamental problem with a single government dashboard approach. In countries where dashboards work really well, people access their pension data through apps they already use—like banking or pension provider apps. Norway does this, and it’s a huge success. People check their banking app and can request to see their pensions there. That boosts engagement because it integrates with their financial life.
Another bonus is that private dashboards could provide a full financial picture—linking pensions with housing, mortgages, and savings. MoneyHelper won’t do that, so people will only see part of their picture. If you’re making a major financial decision, like whether you can afford to retire, you need everything in one place.
PG: So what could be done to help here?
Instead of waiting for private dashboards that may not happen, we could create a formal method for firms to pull MoneyHelper data into private apps. If 15–30 firms get behind it, we could develop a standardised process to bring official data into financial tools securely. That’s far better than leaving it to opportunistic actors who’ll find ways to obtain this data informally.
PG: Have you seen this approach work elsewhere?
Richard: Yes, in Denmark. People don’t log into dashboards purely to study their pensions—they use them to get the data they need for other things. For example, mortgage providers require pension details, so people log in, export their data, and send it off. The key is making pension data useful for real-life decisions. The Netherlands is another example.
And when I was in Oslo, I saw data showing that when pension information is available where people already manage their money—like banking apps—engagement skyrockets. People are 30 times more likely to check their pensions if they can do it in an app they already use.
PG: How could an industry-wide initiative address these issues?
Richard: Instead of private dashboards, an industry-wide initiative could standardise how firms access MoneyHelper data and integrate it into their own financial tools. This way, firms wouldn’t have to create their own dashboards from scratch straightaway, but they could still provide customers with a relatively seamless experience. The initiative could ensure a secure, structured way for firms to pull in and display pension data while maintaining regulatory oversight.
If we don’t do this, what’s going to happen is that firms will start telling customers: “Go to MoneyHelper, download your data, and then upload it here.” That could create all sorts of security risks and inconsistencies. Instead, we should be creating a proper framework for this process that ensures data security, accuracy, and consumer trust.
PG: Could this initiative help improve public understanding of pensions?
Richard: Absolutely. One of the biggest issues with pensions is that people don’t engage with them because they don’t see the relevance in their day-to-day lives. If pension data is displayed in apps they already use, it becomes part of their financial routine.
And, most important, MoneyHelper dashboard data, which could be pulled into private sector apps, presents pensions as an income. Consumer research consistently shows consumers understand this better than just a pot of money.
Many people don’t understand what their pension savings might actually provide when they retire. If the industry-wide initiative, to “Get Official Data” (GOD), ensures that the MoneyHelper estimated retirement incomes are prominently displayed rather than just total pot sizes, it will make pensions feel much more tangible for consumers and help people plan better.
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