Moneyhub

Live webinar: Wealth Management & The Retirement Income Advice Review 💰 https://lnkd.in/eyhWyJM4 The Financial Conduct Authority is asking financial advice firms to review their processes when providing retirement income advice following the findings from a thematic review. Its message is clear - that anyone providing and charging for financial advice has to provide demonstrable evidence of not just the recommendation but the process involved in making those recommendations. Join us and WPS Advisory Limited for a live session exploring the impact of the Retirement Income Review and wider pressures on the wealth market, and practical ways advisors can capitalise on data and meet FCA expectations moving forward. 📅 Thursday 23rd January ⏰ 2pm https://lnkd.in/ecHrC8Yx

Our December update is here! 🎄 Inside this month's newsletter: 💸 Upcoming webinar: Will 2025 be the year AI transforms pensions? 💸 🗣️ Generation Duped: Younger generations more likely to have been victims of financial fraud 🗣️ 💳 The transformative power of Open Banking in debt collection 💳 🤖 The impact of AI on Fintech 🤖 🎄 Merry Christmas and Happy New Year from Moneyhub 🎄 Don't forget to subscribe to get the latest useful content, product updates, events and insights from the world of Open Finance ⬇️

🔓Unlock the transformative power of AI in fintech with our brand new white paper authored by our very own CTO, Dave Tonge! Discover how high-quality data, enhanced accessibility, and innovative AI agents can revolutionise financial products and services. Download the white paper here ➡️ https://buff.ly/4goNZPG #AI #Fintech #ImpactofAI

What does 'Targeted Support' look like for pension providers? 🎯 Last week, the Financial Conduct Authority published its proposals laying out how pension providers would be able to offer a targeted support service for consumers, to “help them make better decisions about their pensions.” These proposals mark the first step in the regulator’s Advice Guidance Boundary Review (AGBR). The proposed framework encourages firms to develop innovative, scalable support services while maintaining necessary consumer protections and fostering market competition. But what does the design and delivery of targeted support entail? How can firms deliver innovations successfully, and at scale? Find out in our latest post ⬇️ https://lnkd.in/gUQqhgu5

We're looking forward to this one!

N is for New account deposits Let’s make this easier! 🍰 The challenge: Too many customers are missing out on better financial products because account deposit processes are complicated. Accounts risk getting closed if a customer hasn’t deposited their money after a set period.. The Open Banking solution: ⭐️ Open Banking payments enable your customers to transfer funds into a new account seamlessly and quickly, bypassing card fees and delays. With this faster and more secure way to deposit money into a new account, you can reduce the abandonment rates of newly opened accounts. On top of that, integrating Open Banking into the onboarding process enhances compliance with regulatory requirements such as KYC and AML. By accessing verified financial data, businesses can perform thorough due diligence, reducing the risk of fraud and financial crime. 💪 https://buff.ly/3BiBMN9 Remember to catch up with all the terms we've covered so far: https://buff.ly/3Y8SAPg We'll be back in the new year, picking up at the letter O. #OpenBankingPaymentsAZ #openbanking #payments #APIs #AIS #PIS #accountverification #accountdeposits #accountopening

Are you ready for the future of lending? Our upcoming white paper, authored by Moneyhub Advisory Board member Pallavi Prasad, reveals how ongoing engagement through consented data can help you become a Lifetime Lender. By implementing these insights, lenders can strengthen customer loyalty, lend more sustainably to more people, and reduce operational costs. Discover transformative strategies that will redefine your approach to lending when the report is released in January 2025 #Moneyhub #LifetimeLender #OpenBanking

With the pensions time bomb ticking down, the recent proposals from the FCA into how it will be tackling this key issue is reassuring. Adequacy is the most critical topic for both government and people and more needs to be done to support customers, so this news comes at an ideal time. Once people approach retirement, they often don’t know what options are available to them, and we are still seeing people drawing down too early or from less appropriate income sources - such as using pensions before savings. All too often, people are missing out on the opportunity to make smart decisions to make that money work harder for them due to limited access to advice and support. With pensions dashboards, a staggering 45 million pension records will be connected to the central digital architecture in just 120 days. Once people are using dashboards to find and view their pensions data, they will be seeking information on what that means for them and what they should do next. Targeted support, delivered digitally, is going to be a key factor in serving these savers at scale. However the success and quality of targeted support relies on a holistic approach to data - pensions are one piece of the puzzle and must be considered in the context of someone’s wider financial world. Open Finance, the emerging Smart Data economy and Commercial Pensions Dashboards will be vital in ensuring consumers are making informed financial decisions. Utilising their entire assets and a clear understanding of lifestyle for each individual has never been easier or more vital. Firms must embrace a data-driven approach to navigating this new regulatory landscape. Key industry players are working closely with regulators and policymakers to prevent a retirement crisis. The wider industry must now build on this momentum, utilise data and technology to deliver personalised experiences and support to guide savers towards a financially secure and sustainable future. We as an industry must all work together, with regulators and policymakers to prevent a retirement crisis, guiding savers towards a financially secure future and move forward with an agenda for sustainable change. https://lnkd.in/dY59BNfi

Celebrating today exactly three years of HUGE progress on commercial dashboards. Based on this, industry now stands very ready to start QPDS delivery from 2025: 2021: Aviva, Bud & Moneyhub are selected by PDP to be alpha potential dashboards (https://lnkd.in/g8tj__kE) to help define the process for onboarding QPDSs to the PDP ecosystem 2022: First commercial dashboard is connected to PDP's central digital architecture (https://lnkd.in/e-rVQyup), DWP QPDS Regulations are made and draft PDP Design Standards & FCA PD Conduct of Business (PDCOB) Rules consulted on 2023: User Interface is developed per draft PDP Design Standards & FCA Rules, and extensively tested for Consumer Duty "understandability" with vulnerable consumers 2024: "Offering a QPDS" becomes a new FCA Regulated Activity, final FCA PDCOB Rules are published, and an independent, non-commercial Coalition is created (https://lnkd.in/ejTn4qks) comprising 15 firms (so far) to work collaboratively with Government & Regulators in 2025.

We're thrilled to have been shortlisted in not one, not even two, but FIVE categories in the FStech 2025 Awards 🎉 We're in the running for: ⭐️ Best Use of Data Analytics ⭐️ Financial Services Collaboration of the Year with Scottish Widows ⭐️ Financial Sector Innovation of the Year ⭐️ Technology Provider of the Year ⭐️Best Use of Data Congratulations to all other finalists - we're looking forward to seeing you at the Awards Gala Dinner next Spring! 🍾