A lack of guidance - a quarter of consumers feel neglected by their pensions and investment providers

A lack of guidance is holding people back from making more prudent financial decisions, according to new research from award-winning Open Banking, Open Finance and Payments provider Moneyhub.

In a sign that some financial service providers are not delivering on their FCA Consumer Duty requirements, a quarter (24%) of consumers state that their investment and pensions providers fail to provide good quality support and after-sales care. 

The research points to a concerning disparity in guidance and advice between consumers falling within different income brackets. While 42% of people say they don't find it easy to interact with their provider, this shrinks to only 15% of those earning £100,000 or more. For higher earners, 40% strongly agreed that their provider offers them a personalised service, compared to an average of 13% for those earning under £100,000.

Technological shortcomings can be at least partially to blame for the guidance gap. A fifth (21%) of consumers said that being able to make flexible top-ups, based on how much they have spare each month, would encourage them to add more into their pensions or investments. In a similar vein, 16% stated that they would benefit from easy to access projections on what their current savings could be worth in the future.

Open Finance offers a simple route for providers looking to incorporate such propositions into their offerings. Alongside being able to find and view all their pensions data, Moneyhub’s technology also allows consumers to connect to and see their bank accounts, credit cards, savings, property valuations, ISAs, loans, mortgages, and other financial products all in one place, allowing them to make better long-term financial decisions and embed healthier money habits.

Mark Horwood-James, Managing Director at Moneyhub Personal Finance Technology said:

“With the current availability of customer-focussed solutions through Open Finance and Open Banking technologies, there’s no reason for consumers to be still struggling with feelings of uncertainty or neglect. Through the advance of technology, good financial guidance does not have to be exclusive to those who are wealthy enough to pay for the privilege. 

“The opportunity is clear for financial service providers: empower customers to make better financial decisions and, in the process, improve their financial wellbeing and ability to save or invest. The race is on to deliver the best solutions and experiences that benefit all customers.”

Margaret Snowdon, OBE said:

“The adoption of new technologies, especially in the form of Open Finance and Open Banking solutions, performs two important actions at once for pensions and investment providers. On the one hand it is the only way to face up and respond to the new FCA Consumer Duty demands - the key elements of the relationship between the provider and consumer can all be addressed through the simple adoption of already available technologies. On the other hand, the technologies improve the customer’s chances of making the correct financial decisions at the right time, thus bettering outcomes for themselves and their provider.”

To read the full report, please visit https://go.moneyhub.com/gift-for-you-pr.

About the research

The Survey was commissioned by Moneyhub in December 2023 and conducted by market research leaders, 3Gem Research and Insights. With an equal gender split of 1,000 respondents aged 25+ and from a variety of socio-economic backgrounds, each consumer was asked a standardised set of 18 questions relating to their pensions, investments and wider financial wellness.

Contacts

Ingrid Anusic                                     
Marketing Director, Moneyhub          
ingrid.anusic@moneyhub.com             
M:  +44 783 722 6553                

Eleanor Ross
Senior Account Director, Teamspirit (Moneyhub PR Agency)
ERoss@teamspirit.co,uk
M: +44 7393 758 446

About Moneyhub
Moneyhub’s goal is simple; to work with clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

To find out how to give the gift of financial wellness, and reap the rewards, please visit www.moneyhub.com. 

New coalition for all operators of dashboards to support a successful launch and ongoing enhancements for consumers: Just Group, L&G, Moneyhub & Standard Life get the ball rolling

Four potential operators of pensions dashboards (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) are coming together to instigate a new industry coalition.

Members of the Dashboard Operators Coalition (DOC) will collaborate with each other, with government, and with regulators, to support the launch of highly effective dashboards to consumers as early as possible.

All potential operators of commercial dashboards are welcome to join the Coalition, as they commit to offering their own pensions dashboards: contact info@pdoc.org.uk for details.

What is the Dashboard Operators Coalition (DOC) for?

Dashboards are new to the UK, but there is strong international evidence demonstrating the key ingredient for successful delivery is deep collaboration.  International learnings include:

• commercial dashboards are popular, representing 95%* of all dashboards usage, and

• ·varied consumer feedback on dashboards is essential, both during pre-launch usability testing, and on an ongoing basis to inform post-launch enhancements.

Working closely with government and regulators, the Dashboard Operators Coalition (DOC) will: 

• support the safe, secure and successful early launch of multiple pensions dashboards

• help ensure dashboards meet different users’ needs effectively at launch, and

• provide rich consumer feedback to inform future iterative dashboards enhancements.

Together, the DOC will help address the numerous remaining challenges around testing, launching and iterating highly effective dashboards for consumers.

Some critical topics haven’t yet had detailed attention.  Collaboration on these points will prove very beneficial for all parties, but most importantly for a good consumer experience of dashboards, such as:

• Pre-Connection Audit (PCA) scope: agreeing the optimal scope of statutory PCAs so dashboards’ adherence to PDP Standards delivers a consistent consumer experience

• Identity Service integration: optimising dashboards’ integration with the central Identity and Consent Services for a seamless, yet secure, consumer user journey 

• DAP readiness assessment: supporting the Secretary of State’s assessment to make the Dashboards Available Point (DAP) launch notice as early as possible for consumers

• Post-launch enhancements: providing rich and varied consumer feedback to inform iterative enhancements to dashboards, as has happened with European dashboards.

Why is the Dashboard Operators Coalition (DOC) being established now?

The DOC is being set up now as, earlier in March, new HM Treasury enabling legislation came into force which made “Operating a pensions dashboard service” a brand new FCA-regulated activity.

The DOC is initially being instigated by four firms, but all other organisations are welcome to join the Coalition as they commit to offering their own pensions dashboards.

Organisations interested in finding out more should contact info@pdoc.org.uk

Who’s behind the Coalition?

Independent Dashboards Consultant Richard Smith is leading this initiative.  Richard led the development of the PDP Data Standards for dashboards in 2019/20, and is currently actively supporting the PLSA, PASA and Moneyhub on dashboards.  Richard also did an independent research tour of 5 continental dashboards teams in 2023 who all said: “Collaboration is key!”.

Quotes, in alphabetical order of organisation:

Independent Dashboards Consultant, and DOC Chair, Richard Smith, said:

"My research tour of five continental pensions dashboards teams in 2023 confirmed to me that launching dashboards is a highly challenging endeavour.  But the key to getting them done is very close collaboration, both across the industry, and also between industry and government.

“On the supply of data to dashboards, the Pensions Administration Standards Association (PASA) is working very closely with the government’s Pensions Dashboards Programme (PDP).  Now, for the ‘front-end’ consumer experience of dashboards themselves, there needs to be an equivalent industry coalition, where dashboard operators can come together to share their questions, ideas and feedback to develop and maintain best practice for operating dashboards.

“We know from research reports that consumers desperately want to use commercial pensions dashboards, on apps they already use and trust (such as their banking or pension app).  And they want to do this as soon as possible.  So I’m very grateful to the first four firms (Just Group, Legal & General, Moneyhub and Standard Life, part of Phoenix Group) for taking the lead with this new Coalition.  I hope other firms will see the benefits of joining the Coalition too, as they decide to offer their own dashboards.” 

Just Group Marketing and Distribution Director, and HUB Group CEO, David Cooper said:

“Just Group sees pensions dashboards as a critical building block to help consumers engage with their retirement savings. Through the Dashboard Operators Coalition we aim to accelerate learnings and insights capture across the industry so that commercial dashboards meet customer needs and fulfil their incredible potential.”

Legal & General Managing Director of Workplace Katharine Photiou said:

“With more than five million workplace pension members, Legal & General has long maintained that the introduction of pensions dashboards is the key to better retirement outcomes.  As one of the first providers to test the technology and the processes needed to establish the foundations of a dashboards ecosystem, we have remained committed to dashboards’ potential to help people stay connected with their pots and take stock of their overall savings.

“As an industry, we need to come together to make sure that the introduction of dashboards really shifts the dial on how people plan and prepare for retirement.  We will put the full weight of our experience behind the efforts of the DOC to help make pensions dashboards a success from day one.”

Money & Pensions Service (MaPS) Pensions Dashboards Programme (PDP) Principal Chris Curry, said: 

“The theme running throughout the delivery of pensions dashboards is that we’ll make a success of them by working together.  The Pensions Dashboards Programme welcomes initiatives that foster greater collaboration between industry, regulators and government.  The development of dashboards will be a crucial step to giving people the tools to enhance engagement with their pensions, and we’ll continue to work closely with all organisations looking to become dashboard providers.” 

Moneyhub Chief Executive Officer Sam Seaton said:

“International evidence strongly shows that consumers prefer to see all their pensions in a familiar, trusted app they already use, such as a banking, pension, or money management app.

"Through Open Finance, these apps also enable connections to users’ other finances, showing consumers the broader context of their financial position as it develops over their lifetime.

"So, as an industry, we urgently need to collaborate to launch commercial pensions dashboards for consumers as soon as possible.  Working with the FCA and PDP, the Dashboard Operators Coalition will be instrumental in bringing an open and collaborative environment to commercial pensions dashboards, and in doing so, help millions of consumers achieve a healthier financial future.”

Standard Life, part of Phoenix Group, Workplace Managing Director Gail Izat said:

“I’m delighted that we will be a founding member of the Dashboard Operators Coalition.  We are committed to providing a Pensions Dashboard for our customers as soon as possible and cooperation amongst industry to solve some of the remaining issues should help dashboards launch.  Pensions Dashboards represent a once in a generation chance to move the dial on pensions engagement, so it is crucial that government and industry get it right.”

Other organisations interested in finding out more about, or joining, the Dashboard Operators Coalition (DOC) should contact info@pdoc.org.uk.

Contacts
Richard Smith                                                                                           
Chair, Dashboard Operators Coalition (DOC)                   
info@pdoc.org.uk
M: +44 (0)7739 449 064                                                              

Eleanor Ross
Senior Account Director, Teamspirit
eross@teamspirit.co.uk
M: +44 (0)7393 758 446

About Just
Just (Just Group plc) is a FTSE-listed specialist UK financial services company.  A leader in the individual retirement income, care and defined benefit de-risking markets, Just has been

trusted to manage more than £26 billion of customers’ retirement savings and has helped customers release over £6.5 billion from their properties.  Just provides a wide range of products, advice and professional services to individual customers, financial intermediaries, corporate clients and pension scheme trustees.

About Legal & General

Established in 1836, Legal & General is one of the UK's leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at 31 December 2023) of which 40% is international.  We have a unique and highly synergistic business model, which continues to drive strong returns.  Legal & General provides powerful asset origination and management capabilities directly to clients, which also underpin our leading retirement and protection solutions.  We are a leading international player in Pension Risk Transfer, in UK and US life insurance, and in UK workplace pensions and retirement income.  Our purpose is to improve the lives of our customers and create value for our shareholders.  Through inclusive capitalism, we are investing in long-term assets, such as real estate and infrastructure, that can help build a better society for the future.

About Moneyhub

Moneyhub’s goal is simple; to work with client to improve the financial wellness of people, their businesses, and their communities.  Hundreds of companies use our award-winning Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.  To find out how to give the gift of financial wellness, and reap the rewards, visit www.moneyhub.com.

About Standard Life

Standard Life is a brand that has been trusted to look after peoples’ life savings for nearly 200 years.  Today it proudly serves millions of customers who come to Standard Life directly, through advisers and through their employers’ pension scheme.  Standard Life is part of the Phoenix Group, the largest long-term savings and retirement business in the UK.  We’re proud to be building on nearly 200 years of Standard Life heritage together.  Our products include a variety of Pensions, Bonds and Retirement options to suit people’s needs, helping our customers to invest and save for their future.  We’re proud to offer a leading range of sustainable and responsible investment options.  We support our customers on their journey to and through retirement with comprehensive, easy-to-understand guidance so they can invest in the right way for their needs, and plan a future they feel confident about.  The value of investments can go down as well as up, and may be worth less than originally invested.

Moneyhub teams up with Rebcat and Navos to develop next-generation technology to support ‘advice gap’ customers

Fintech providers Rebcat Technology, Moneyhub, and Navos Technologies have joined forces to develop and deliver next-generation technology that will enable large financial institutions to provide personalised financial support, guidance, and advice to their customers – providing a much-needed advice life-line for the many who fall into the advice gap.

 The three businesses are pooling their collective skills, knowledge, and data to provide a range of personalised plug-and-play services to organisations committed to improving the value they provide to all customers - ensuring that no one is left behind.

 With Rebcat’s tried and tested technology at the core of the offering, early solutions focus on bridging the advice gap suffered by millions of individuals across the UK and will include essential financial management, protection, investment, and mortgages.

 Commenting on the partnership, Rebcat founder and CEO Anthony Morrow said: “The FCA, through Consumer Duty and subsequent actions, consultations, and statements, has put real consumers at the heart of its thinking and future plans. While this provides huge challenges for organisations, especially those with large legacy client bases, it also provides tremendous opportunities for those who can spot them and are willing to embrace the changes needed to capitalise on them. 

 By working with Navos and Moneyhub, we are not only partnering with two of the most respected and admired organisations operating in and around the sector but also ensuring the solutions we develop are at the very cutting edge of what the market has to offer. We are already seeing considerable appetite from forward-thinking organisations eager to develop further and demonstrate the value they offer clients.” 

 Moneyhub CEO Sam Seaton said: “The upcoming changes to the Data Bill and the FCA’s proposals to relax the advice-guidance boundary highlight the significant role of digital advice businesses in the future. We have seen first-hand how advanced and robust Rebcat technology is and are delighted with this partnership and the opportunities it brings to unlock financial wellness for more people.”

 Navos CEO and Founder David Davies commented: “With our understanding of the advisory and wealth industry, dovetailed with our unique positioning in delivering innovative solutions, we are proud of the relationship that we are building with Anthony and the team at Moneyhub.  We are confident this will lead the way in providing a much-needed digital solution and create positive outcomes for both firms and clients whilst driving efficiencies and increasing engagement.” 

 Ends

 About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

About Navos Technologies

Navos is a specialist technology solutions provider founded by ex-CIO of Hargreaves Lansdown David Davies. Headquartered in Bristol, the business specialises in combining years of expert knowledge and experience with a proven track record of delivering innovative solutions to help organisations operating in and around the financial services sector navigate tomorrow’s technology challenges today.

 About Rebcat Technology

Rebcat provides technology to financial services companies looking to enhance their customer proposition through digitisation and advice services.The spin-out of OpenMoney, the digital adviser acquired by Octopus Group in 2023, its technology has been proven in a regulated and scaled environment providing advice and administration to almost 20,000 customers. Focusing on the B2B market, Rebcat’s services range from full, white-labelled end-to-end investment and mortgage advice to a bespoke personal finance and engagement app harnessing Open Data technologies, all designed to enable companies to provide personalised support and advice to customers. 

All roads lead to data - Moneyhub gives full support to ‘game changing’ FCA Advice Guidance Boundary Review proposals

• The Review builds on data focused regulatory initiatives

• Targeted support, simplified guidance and holistic advice will co-exist using the same underlying ‘open data rails’

• Firms must reimagine life and product events and use data to help consumers compare, choose and buy financial products and services

Moneyhub, the leading provider of Open Banking, Open Finance and Financial Wellness solutions to the Pensions and Investment industry has today submitted its response to the Financial Conduct Authority’s (FCA’s) Advice Guidance Boundary Review proposals (DP23/5). 

The FCA’s proposals seek to bridge the ‘Advice Gap’ which has resulted in just 8% of adults* reportedly taking financial advice, leaving millions of people unsure where to get help with decisions about investments, savings, pensions or retirement planning. 

Open Banking, Consumer Duty and Pensions Dashboards unlock consumers’ access to their data whilst putting customers’ needs at the heart of every financial services business. The Advice and Guidance Boundary Review can unite these regulatory initiatives so that, when it comes to managing their money, consumers can quickly and easily see both what they have and what to do next. The Data Protection and Information Bill will enable new Smart Data schemes and enable consumers to control their data like never before.

Sam Seaton, CEO of Moneyhub said:

“The FCA's proposals are a game-changer which Moneyhub supports. We know consumers are missing out on potentially higher returns on their money because products are too complicated; They don't know who to trust and advice is too expensive. Data is the answer for making advice accessible and implementing the new proposals. 

“Targeted support, simplified guidance and holistic advice will co-exist using the same underlying ‘open data rails’ with an appropriate regulatory framework over the top.

“Matching consumers who have defined objectives, needs and characteristics with suitable products, using data sharing and automated ‘nudges’, is a logical extension of the use of consumers’ data. Our financial wellness platform is already helping consumers to become more aware and informed, combined with our technology firms can now deliver targeted support and simplified guidance to millions of consumers”.

Vaughan Jenkins, Managing Director of Partnerships at Moneyhub said: 

“Moneyhub supports the Government and the FCA's desire to build a framework which consumers can trust, recognising the complexity faced by consumers in making financial decisions.  We believe that Open Finance, within the emerging Smart Data environment, will play a significant part in the realisation of these ambitions.  

“We urge regulators and policymakers to orchestrate Open Finance, Consumer Duty and the Advice and Guidance Boundary Review into a single coherent and comprehensive agenda for sustainable change. 

“Product manufacturers should be required to publish Open APIs that support customers’ access to their data and enable them to share data by their consent. This is the key to improving competition in favour of consumers”

ENDS

Notes to editors

Moneyhub’s response

The FCA outlined 3 proposals to make guidance and advice more accessible:

1. Clarifying the boundary between guidance and support

Moneyhub believes that over time, and in response to Consumer Duty, product providers will provide more automated ‘guidance’ (alerts, notifications and illustrations) within the current regulatory framework by making better use of the data and insights firms already have about consumers' use of their products. Indeed Moneyhub already does this for its clients across a range of products. 

2. Targeted Support

Targeted support provides the potential to reimagine life and product events by using data to help consumers compare, choose and buy new financial products and services, or change the way they use existing products. Moneyhub can help appropriately regulated firms access a wealth of consumer information on which suggestions can be made based upon ‘people like you’ with shared objectives, needs and characteristics. This proposal has huge potential to help consumers who would not normally access any form of advice to make informed decisions about their money after sharing data about themselves. 

3. Simplified Advice

Simplified advice means it will be possible to use a customer’s product and financial data to build an accurate and auditable picture of their finances so that a personal ‘decision tree’  could be created to drive a simple product recommendation or course of action, for example, to open or top up an ISA invested in a specific fund. Moneyhub is already working with firms to test how goals-optimisation can be combined with an automated feed of consumers’ financial data to show the probability of a financial outcome being achieved and create a personalised recommendation.

About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001-certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.
For more information, please visit www.moneyhub.com 

*DP23/5: Advice Guidance Boundary Review – proposals for closing the advice gap

Almost half of 18-34-year-olds put off life goals such as children due to affordability

Families are still feeling the acute financial burden caused by increased costs and higher interest rates, and new research from Moneyhub reveals that over half of people regularly worry about their financial situation. The research also shows that UK savers believe their banks could be doing significantly more to help them get to grips with their finances

The middle-aged are the most likely generation to feel the pressure on their purse strings, with 63% of 45-54-year-olds indicating they are worried about their finances.

However, while a total of 31% of those surveyed admitted to putting off life goals – such as having children – due to not being able to afford it, this figure shot up to 48% for 18-34 year-olds.

The generational differences don’t stop there. Across the two-fifths of respondents who regularly finish the month with no money in their accounts or with an overdraft, this number jumped to 54% for those aged 25-33 years old and fell to 35% for 55-60-year-olds.

Following a difficult year for personal finances, which saw consumers grapple with high inflation and soaring costs, 44% of respondents said they had to dip into their savings in the past 12 months. A further 28% said that they are struggling to save, while 18% have an erratic approach to savings, with some months being better than others. Tellingly, only 15% of respondents said they are able to save a significant portion of their income each month.

Although the research nods to the difficulties presented by macroeconomic pressures, it also shows that banks and financial institutions could do more to help. Over a third (34%) of respondents said that banks and financial institutions don’t make it easy to understand finances, and 31% said that they would save more if they understood their finances better.

When asked what they think banks can do to make life easier, 16% said that they’d like nudges for when they could be saving money or switching to better savings rates. 13% would like access to free money management apps that allow them to see and understand all their finances, and 12% said they wanted easier methods to contact customer services.

Kim Jenkins, Managing Director of Moneyhub API, said: “Our research makes it clear that there is an opportunity to help customers understand and manage their finances. By using the available technology, banks and financial institutions would be able to help their customers properly understand their financial situation and provide smart nudges that would help them make better financial decisions.

Through Open Banking capability and easy-to-build solutions such as Moneyhub’s Smart Saver API Recipe, banks can provide a helping hand for their customers to budget and know precisely when they have excess to save. This will also enable them to deliver better customer outcomes.”

About the research:

The research was conducted by Censuswide with 2,000 Nationally representative general consumers between 27.10.23 and 31.10.23. Censuswide abides by and employs members of the Market Research Society, which is based on the ESOMAR principles and is a member of The British Polling Council.

About Moneyhub’s Smart Saver Recipe

Moneyhub’s Smart Saving API recipe supports customers’ financial journeys through personalised and automated saving. With enhanced visibility through Open Banking and Open Finance offers, customers identify their realistic savings goals and expedite the process. The right mix of account aggregation and nudges.

With the data in hand, nudges instigate action. With the data in one view, nudges can trigger the right questions at the right time, helping more customers build their savings and become more financially resilient.

About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

For more information, please visit www.moneyhub.com. 

Moneyhub to provide Open Banking solutions to UK government

London, 12 February 2024: Moneyhub has been named as a supplier on Crown Commercial Service’s (CCS) Open Banking Dynamic Purchasing System (DPS) framework for its Open Banking and Payment services. 
Crown Commercial Service supports the public sector to achieve maximum commercial value when procuring common goods and services. In 2021/22, CCS helped the public sector to achieve commercial benefits equal to £2.8 billion - supporting world-class public services that offer best value for taxpayers.

Moneyhub, is the leading data and payments platform built on Open Banking and Open Finance principles. Its solutions already help businesses in various sectors increase efficiency and offer consumers efficient, secure alternatives to card and cash payments. 

Through its work with clients such as Nationwide, Lloyds Banking Group, Standard Life, Legal & General, amongst hundreds of others, Moneyhub has proven the benefits of Open Banking and account-to-account payment solutions. Government organisations' ability to purchase Moneyhub services through the DPS will help more public sector services increase efficiency and experience the benefits that Open Banking delivers. 

Vaughan Jenkins, Managing Director of Partnerships at Moneyhub, comments: “At Moneyhub we're on a mission to enhance the lifetime financial wellness of people, their communities and their businesses, and the public sector has a significant opportunity to benefit from and lead the way in the mass adoption of Open Banking solutions.The continued adoption of Open Banking technology will result in better outcomes for taxpayers and the country.”

ENDS

Notes to editor:

About Moneyhub:

Moneyhub is a global ISO 27001 certified software developer of Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology

For more details, please visit www.moneyhub.com.  

About Crown Commercial Service:

Crown Commercial Service (CCS) is an Executive Agency of the Cabinet Office,

supporting the public sector to achieve maximum commercial value when procuring

common goods and services.

To find out more about CCS, visit: www.crowncommercial.gov.uk

Follow us on Twitter: @gov_procurement

LinkedIn: www.linkedin.com/company/2827044

Moneyhub’s Personal Finance Technology continues its strong performance with new client wins

Moneyhub, the award-winning top 100 global fintech, is continuing its upward trajectory announcing three new cross-industry partners in recent weeks for the Personal Finance Technology (PFT) line of business.

PFT, which drives financial wellness through its personal finance solutions, helps its clients to support their customers by better understanding, managing and growing their money. Additionally using its award-winning platform, PFT provides notable opportunities for better Consumer Duty outcomes. This growing market proposition has seen increasing appeal from the advisory and accounting sectors, showcased by recent wins from WPS Advisory, The Tax Guys and 1Legacy. 

WPS Advisory (WPSA)

WPSA are committed to making high quality support, guidance and financial advice both accessible and affordable via their LifeStage proposition, with open banking at its very heart.

The partnership will see an app built on Moneyhub’s Open Banking technology, through which an individual will be able to clearly visualise and manage their current financial position, with an immediate pivot into a representation of their financial future, creating an environment where the user can see the impact of their decisions today on their life tomorrow.

The project supports evolution in the employee benefit and wellbeing space, as Moneyhub work with WPSA to engineer better financial outcomes for consumers and seek to solve one of the biggest mental health burdens on UK employees:  Financial Stress.

Simon Chrystal, CEO at WPS Advisory comments: 

“WPS Advisory have created a unique employee benefit in LifeStage which is designed to provide employers with a full employee support and financial confidence framework which helps align people and commercial objectives.

Our aim, working with Moneyhub as a partner, is to be able to provide full employee support, by combining our own people skills with leading edge technology. 

Lifestage provides access to tailored and affordable financial advice at key life stages by means of subscription and employer sponsorship.  The App and its wide ranging functionality is supported within an Open Banking framework.”

The Tax Guys

The Tax Guys are a tax advisory and accountancy services leader targeting sole-traders and small businesses. Seeking a digital solution to help clients stay on top of their finances and reduce the administrative burden of filing clients’ tax returns, they approached Moneyhub.

The Tax Guys will be offering their clients free access to a co-branded version of Moneyhub’s award-winning consumer app through Moneyhub’s Multibuy Plan proposition. This demonstrates their commitment to the financial wellness of their customers, as well as enabling those customers to easily share accurate data with The Tax Guys via the app for their tax returns digitally throughout the year.

Jonathan Amponsah, Managing Partner at The Tax Guys comments: “We’re delighted to partner with Moneyhub to roll-out a real win-win solution for The Tax Guys and our clients: we can streamline the admin involved in submitting tax returns, make it easy for our clients to share relevant data with us, and help them improve their financial wellness.”

1Legacy

1Legacy is a market innovator with a soon-to-launch digital portal that will help people navigate different stages of their financial life, plan for retirement, preserve assets and remove some of the heavy lifting involved in leaving and receiving a financial legacy through inheritance. 

1Legacy are white labelling Moneyhub’s financial management platform to offer their customers a complete and accurate picture of their finances alongside liquidity, assets vs. liabilities ratio and a probate cost calculator. Moneyhub is integrating with secure document storage vault Legado and scanning service Cleardata to enable 1Legacy users to access all of their important relevant documents, such as their will, through the app. 

Hendrik Bruinette founder at 1Legacy said: “We want to give people at every stage of life the intuitive tools they need to feel empowered and navigate life’s transitions. Whether that’s becoming a parent, preparing for retirement or getting an idea of what you are able to leave your loved ones. Navigating a financial legacy has traditionally involved stacks of paperwork and many complicated moving parts. Moneyhub’s technology will help us remove some of the administrative burdens and give people a really clear picture of what they’ve got, and what that looks like as a legacy. They have been fantastic at integrating with other systems to fit our requirements and we are excited to continue our work together.”

Mark Horwood-James, MD of Moneyhub’s Personal Financial Technology said: “ It’s heartening to see more businesses and sectors putting financial wellness at the heart of their strategy. Now, more than ever, people want and need to take control of their money, and seek out firms they entrust to help them do that through tools and technologies. We are very excited to be working with WPS Advisory, The Tax Guys and 1Legacy to unlock their customers' financial potential as well as help these clients achieve their strategic goals.

The adoption of Open Finance technology benefits consumers and businesses alike, driving financial wellness for individuals, and offering firms unparalleled insights to drive better customer outcomes in line with Consumer Duty.”

-Ends-

Notes to editors

Contacts

Ingrid Anusic                                     
Marketing Director,  Moneyhub          
ingrid.anusic@moneyhub.com           
M:  +44 783 722 6553                

Eleanor Ross
Senior Account Director, Teamspirit (Moneyhub PR Agency)
ERoss@teamspirit.uk.com
M: +44 7393 758 446

About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

For more information, please visit www.moneyhub.com.

Moneyhub first to add Co-op Bank, Smile Bank and Kroo Bank Open Banking Connections

• Moneyhub offers the widest breadth of any provider with thousands of connections covering financial services globally 

Moneyhub, the market-leading data and payments platform, has today announced it has become the first third-party provider (TPP) to connect to Co-op Bank, Smile Bank and Kroo Bank. 

The Co-op Bank is the UK’s first ethical bank providing a range of banking products and services to c.2.7m retail customers, as well as providing business loans, credit cards and deposit products to a growing pool of UK businesses. Smile Bank, a trading division of the Co-op Bank, was the UK’s first, and original digital bank offering full-service current accounts, savings, ISAs, investments and credit cards.

Kroo Bank, a digital bank launched in December 2022 aiming to change banking for the better, offers customers a current account, an overdraft, deposit protection up to £85,000 and zero fees on spending abroad.

Moneyhub is a global provider of Open Banking account connectivity. In the UK alone it provides connections to thousands of institutions.

Moneyhub’s technology offers a simple solution to connect across current accounts, savings, loans, investments, mortgages, property valuations, automotive and pensions, providing a holistic view of an individual’s finances. It enables actionable insights through its smart nudges and machine learning. 

Over 150m people have access to Moneyhub’s technology through their partners such as Aon, Standard Life, and SEI Investments, or directly through its personal finance app which can be accessed through the App Store, or Google Play. 

Dan Scholey, CCO at Moneyhub comments: “Our users have been increasingly asking for connections to Co-op, Smile and Kroo, so we’re delighted to announce that we have become the first TPP in the UK to connect with them via Open Banking. 

“We want to ensure that we continue to offer our users the most comprehensive set of connections in the UK to ensure they can see a true, holistic view of their finances on the app or through one of our partners’ platforms. Only with a holistic view can we truly make informed decisions on our finances, receive personalised advice and guidance, and ensure we are all prepared for later life.” 

-Ends-

Notes to editors

Contacts

Ingrid Anusic                                      Eleanor Ross

Marketing Director,  Moneyhub           Senior Account Director, Teamspirit (Moneyhub PR Agency)

ingrid.anusic@moneyhub.com            ERoss@teamspirit.uk.com

M:  +44 783 722 6553                 M: +44 7393 758 446

Research Methodology

Research conducted by Censuswide among 1004 pension savers. The research fieldwork took place between 2nd August and 7th August 2023. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct which is based on the ESOMAR principles.

About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

For more information, please visit www.moneyhub.com.

VOXI provides customers free access to Moneyhub’s financial management app

VOXI by Vodafone expands its partnership with Moneyhub to offer customers free access to its financial management, engagement and wellness app for 12 months 

• Moneyhub’s consumer app can help VOXI customers take control of their finances through AI-powered technology

• Moneyhub already provides an automated FCA-regulated eligibility checking service for its VOXI For Now tariff - VOXI's social tariff which gives unlimited 5G data, calls and texts for just £10 a month to those receiving specified benefits, meaning it's quicker and easier for those eligible to access the tariff* 

VOXI by Vodafone has expanded its partnership with Moneyhub, the award winning top global fintech, to offer customers 12 months of free access to its financial wellness app. 

From today, VOXI customers will be able to claim free access to the Moneyhub app (usually £14.99 annually), as part of the latest series of benefits and rewards available through its VOXI Drop customer reward programme. To redeem the offer, customers simply need to log into their VOXI online account and click on the VOXI Drop section. There are 30,000 codes to be claimed on a first come first served basis.

Moneyhub’s technology allows users to connect their different accounts (current, savings, mortgages, pensions, credit cards, investments, properties and more) to one dashboard and view their entire financial world in one place. From there, they can utilise an ever-growing suite of tools to help them understand their money and reach their financial goals, including; Spending Budgets, Spending Analysis, Savings Goals, Rent Recognition, as well as an array of educational content.

Scott Currie, Head of VOXI, said: 
"With over half of Gen Z expressing concern about their financial situation, we are delighted to offer our customers free access to Moneyhub's award-winning financial management app, enabling a simple and effective way to better understand and manage their finances”**

“This initiative, coupled with our market leading proposition VOXI for Now, underscores our ongoing commitment to supporting young people navigate a challenging economic environment.”

Mark Horwood-James, MD of Personal Financial Technology at Moneyhub, comments: “We are delighted to be partnering with VOXI by Vodafone to help get this technology into their customers’ hands. Through the Cost of Living crisis and beyond, consumers need simple and accessible ways to manage their finances which focus on supporting financial wellness. 

“VOXI offering access to the Moneyhub app via VOXI Drop will make a significant difference to their customers, as it can genuinely help people better understand their finances and embed healthier money habits now, and for the long term.”

VOXI is the mobile network for young people, offering contract-free plans that let you use selected social and video apps, endlessly, without eating into your general data allowance. VOXI Drop launched in January 2019 and more than three quarters of a million rewards have been redeemed to date. The loyalty programme gives customers exclusive freebies every month from well-known brands. 

-Ends-

Notes to editors 

* Terms and conditions apply. Please visit https://www.voxi.co.uk/for-now for more information 

**About the research: The research was commissioned by Moneyhub and conducted by Censuswide with 2,000 Nationally representative general consumers between 27.10.23 - 31.10.23. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles and are members of The British Polling Council.

T&Cs

Please note that VOXI does not give any financial advice and is in no way liable or responsible for any of the financial informationadvice provided via Moneyhub. 

Moneyhub Giveaway: Offer open from 09:00 16th January and codes must be redeemed by 23:59 on 31st December 2024. Offer is a yearly subscription to Moneyhub. There are 30,000 codes to giveaway. Subscription does not auto-renew after 12 months. To redeem the offer, you must claim a code within the VOXI Drop section of My Account. Follow the link to redeem your code and enter the code on Moneyhub’s website when signing up. One code per VOXI customer. You can't enter if don’t live in the UK or under the age of 18. Offer can’t be exchanged, refunded, transferred or used in conjunction with any other offer. Terms & Exclusions apply.

About VOXI
VOXI by Vodafone, the mobile network for young people, offers plans that let you use selected social and video apps in UK as much as you like, without eating into your general data allowance. Customers also have unlimited calls and texts. VOXI SIM-only plans work on a flexible monthly subscription with no contract; you’re free to change, pause or cancel your plan whenever you like.

About Moneyhub

From day-to-day money management, to building wealth and achieving financial wellness or making more accurate lending and collection decisions, Moneyhub’s award-winning technology has gained investment from Nationwide Building Society, Phoenix Group, Legal & General and Lloyds Banking Group. The business boasts more than 100 enterprise clients such as Admiral, Standard Life, Aon, Mercer, SEI and Vodafone.

Moneyhub's goal is simple; to work with its clients to improve the financial wellness of people, their businesses, and their communities. Hundreds of companies use its Open Banking and Open Finance technology to better understand their customers through data so they can comply with Consumer Duty, deliver them more suitable products, and automate money management or payments to ultimately increase their capacity to spend, save or invest more.

For more information, please visit www.moneyhub.com.

Moneyhub says understanding the customer context is essential following the latest FCA Consumer Duty Review.

On December 14/Yesterday, the FCA published the Multifirm Review of its investigation of Retail Banks, which it carried out ahead of the Consumer Duty coming into force last July.

Commenting on the findings, Suzanne Homewood, Managing Director of Decisioning at Moneyhub said:

“The FCA review shows that some retail banks not only struggle to provide evidence of good consumer outcomes but also to define what constitutes a good outcome. It shows that firms don’t have the broader insights to understand the context of a customer. Data deficiencies and inadequate information architectures are severely hampering a more holistic view of the customer, which is where we are helping retail and SME banks, of all sizes, to overcome”. 

In a desk-based review of 70 product journeys across a range of 47 firms, the FCA highlighted a range of concerns.  For example, mortgage lenders were not always aware that customers were using their products for debt consolidation and Business Current Account providers lacked insights on vulnerable customers.  The FCA reiterated that:

“Firms need to ensure they have the appropriate MI and can evidence the outcomes their customers are receiving”. 

Suzanne Homewood of Moneyhub continued:

“The review took a product and customer journey approach but the real insights are gained when a customer data lens is applied.  Our technology is enabling firms to identify customer behaviours and to use these to create unique segmentation models. Our Detect, Intervene and Report solutions can be applied to the banks’ own data alone or expanded to include 3rd party data, with customer consent, through our award-winning Open Data platform”.

“The FCA Review represents a mock examination in one sector but it shows the scope to do better.  Now that the Duty is in force and with closed book business coming into scope next year, firms will face the stiffer test of FCA supervisory visits”.

“The FCA expects firms to put consumers at the heart of what they do and that can only be done with customer centric data and analytical tools being in place.  Moneyhub’s solutions are exactly that and are being used by CMA9 banks, challengers and more broadly product providers.  It’s already giving them competitive and compliance advantages”.

About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

For more information, please visit www.moneyhub.com. 

Pension illiteracy impact: 1 in 6 Brits say they don’t know how much is going into their pension

• 11% of savers say they couldn’t accurately describe what a pension is (1 in 9)

• 11% said they don’t know how much they contribute to their pension (1 in 9)

• 17% are unsure how much their employer contributes (1 in 6)

• 31% of women are not confident that they will have enough income for a comfortable retirement (1 in 3)

A simple lack of understanding of pensions – what they are and how they work - could be preventing workers from saving for their retirement, according to research from Moneyhub, the award-winning data and payments platform built on Open Banking and Open Finance principles.

The research revealed that one in ten (11%) respondents said they couldn’t accurately describe what a pension is, while a further quarter (24%) said they don’t understand the tax benefits of a pension.

Demonstrating the extent of the lack of engagement with pensions, savers were also largely unaware of how much they were putting into their pension, with 11% saying they don’t know how much they contribute, and a further 17% unsure how much their employer contributes. 

Without an accurate understanding of pensions and what they are saving, consumers are at risk of not saving enough for retirement. Indeed 22% said they didn’t understand how much income they would likely receive in retirement based on their current pension savings and 28% were concerned they would not have enough to afford a comfortable retirement. This rises to 39% for 45 to 53 year olds. 

In line with the well documented gender pension gap, women in particular were more likely to have a limited understanding of pensions, and how much they contribute. And concerningly, this lack of understanding has translated into 31% of women saying they are unsure they’ll have enough income for a comfortable retirement compared to 24% of men. 

Savers are in danger of not being able to make the necessary decisions to ensure they are prepared for their later life if they don’t get to grips with how much they have in their pension and are contributing now. Through Open Finance, not only is this possible, but with the benefits of AI driven smart nudges and modellers, savers will be supported in making the best financial decisions for their circumstances. 

With Moneyhub’s Open Finance powered technology, it is already possible for savers to view some of  their pensions next to their savings, investments, mortgages and properties all in one place. Having one central, accessible place for savers to find, view and track every one of their pensions - including State, Workplace and Personal - will further encourage active engagement with pension savings. This is crucial to ensure consumers have a holistic view of their finances and can make confident, informed financial decisions. 

Mark Horwood- James, MD of Moneyhub Personal Finance Technology comments: “A simple lack of information is set to impede millions of workers from enjoying a comfortable and secure retirement. It’s a real concern that such a high percentage of people continue to be unsure about their income when they retire. Also troubling to us is that these doubts are reflected in a disparity between men and women.

“Thankfully, with Open Finance technology available today, this information gap can be quickly filled. It falls on the government as well as employers to remove any impediments to engagement by ushering in the widespread use of new technologies such as Moneyhub. 

“Having easy access to all their pensions in one place, and being able to view them alongside their other financial products such as savings or mortgages as well as their properties, will enable savers to make better decisions when it comes to preparing and planning for the life they would like in retirement.”

Notes to editors

Contacts

Ingrid Anusic                                       Eleanor Ross

Marketing Director,  Moneyhub           Senior Account Director, Teamspirit (Moneyhub PR Agency)

ingrid.anusic@moneyhub.com            ERoss@teamspirit.uk.com

M:  +44 783 722 6553                         M: +44 7393 758 446

Research Methodology

Research conducted by Censuswide among 1004 pension savers. The research fieldwork took place between 2nd August and 7th August 2023. Censuswide abides by and employs members of the Market Research Society and follows the MRS code of conduct which is based on the ESOMAR principles.

About Moneyhub

Moneyhub is a data, intelligence, and payments company which develops ISO 27001 certified software for Open Banking, Open Finance, and Open Data applications. Its FCA-regulated Open Data platform enables companies to quickly and easily transform data into personalised digital experiences and initiate payments. Its APIs and fully customisable platform provide data aggregation, insights, notification nudges, and payment systems. As a result, clients have the consent-driven data and analytics they need to create super-personalised offers, products, and services. Hundreds of organisations, spanning finance to media and retail, rely on Moneyhub’s award-winning technology.

For more information, please visit www.moneyhub.com.