Regulator publishes blog on importance of data to protect savers

On March 21, 2023, the Regulator’s Chief Executive Charles Counsell published a blog “Data is king” which highlights the importance of data in driving improvements for pension savers. 

The creation of a new Digital, Data and Technology directorate was announced and this will help the Regulator deliver better services, regulate more effectively and provide the scope to innovate solutions to future challenges. The aim is for the Regulator to become a data-led, digitally-enabled organisation, with the ability to collect data and use it as a regulatory tool to improve saver outcomes, in new ways.
 
The Regulator recognises that there are significant data requirements that sit within the DB Funding Code which it will need to process. In time, when the value for money framework starts collating data from schemes, it will need to scrutinise that to understand where improvements can be made. Another example is understanding the data that shows how trustee boards are embracing diversity and inclusion, to show progress is being made in this area. In addition, it is also important for the Regulator to be able to assess data on how schemes are meeting their reporting duties around environmental, social and governance and Taskforce on Climate-Related Financial Disclosures issues.