We also need consistency between Financial Conduct Authority point-of-sale disclosures and SMPIs – something that is lacking at the moment.
For example, FCA rules require 2 per cent inflation to be factored into point-of-sale disclosures, while for SMPIs the figure is 2.5 per cent.
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There is no reason why the two sets of disclosure requirements should be different. This might not have been a major problem in a world where most people do not engage with these statements, but if dashboards are to be a game-changer, policymakers need to make sure what they see is consistent.
Tom Selby is head of retirement policy at AJ Bell
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