Asked by: Lord Tyrie (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask Her Majesty's Government what plans they have, if any, to make pension dashboards interoperable with Open Banking, including the processes for customer authentication.
Answered by Baroness Stedman-Scott
The Government recognises the achievements made by Open Banking and the potential for the Industry Delivery Group, as a part of the Money and Pensions Service to learn from their experience to inform the development of pensions dashboards. At the same time, we recognise that Open Banking aims to improve consumer outcomes in an environment where consumers already know what they have and who they bank with, which enables consumers to authenticate themselves directly with their bank provider.
The Department for Work and Pensions response to its consultation on pensions dashboards highlighted where there were potential opportunities to align with Open Banking for example, on some aspects of the data standards and the governance register. The Department for Work and Pensions is working with the Department for Business, Energy and Industrial Strategy, which is currently leading a smart data review that is looking at ways to promote interoperability across financial services and other sectors. The Department for Business, Energy and Industrial Strategy’s proposals, following on from its consultation paper from June 2019, will be published in due course.
Asked by: Lord Tyrie (Non-affiliated - Life peer)
Question to the Department for Work and Pensions:
To ask the Secretary of State for Work and Pensions, what estimate his Department has made of the savings accrued to the public purse as a result of the change from cash payment to direct payment into bank accounts and the Post Office Card Account of benefits since that change came into effect.
Answered by Caroline Nokes
DWP is committed to battling financial exclusion and is offering support to help more customers move into banking.
We have interpreted this question to be about the change from Order Books and Cheque payments. There has been a considerable reduction in method of payment costs, however, detailed information on the savings accrued is not available and could only be provided at disproportionate cost.