Jessica O'ConnorBenefits Guru has revealed its fourth annual ‘financial wellness ratings’, benchmarking workplace pension providers that provide Open Finance technology.
Among the six providers rated at present, Scottish Widows has improved from a Silver award in 2023 to a Gold award this year, as its new partnership with Moneyhub has had a positive impact on the overall positions.
Aviva, Mercer and Standard Life retained their Gold overall ratings and Gold in all six subcategories.
The Benefits Guru’s ratings aim to provide clarity on the variety of tools and services which are available via workplace pension providers, to help advisers and employers identify the propositions that will help improve financial outcomes for members and highlight areas where providers could enhance their offerings.
Providers are currently benchmarked across six categories, namely messaging and outcomes, inclusion of partner and joint accounts, consent, account connectivity, bank connectivity, transaction history and categorisation.
Ian McKenna, Founder of FTRC and BenefitsGuru, said: “In the Smart Data Roadmap published last month by the Department for Business and Trade, The Government has made it clear that Open Finance is a key objective to improve consumer access to financial services.
“By positioning themselves at the front of this transformation in how consumers can access and manage their financial lives online, these firms are delivering today much of what the industry will be challenged to deliver over the next 18 months.
“They are not only providing better services than others in the market but also learning today what their peers will need to know tomorrow thus gaining a valuable advantage for the future.”
