Last week, the Pension Lab hosted the first meeting of the newly formed Fix LoA Action Group (FLAG). The group brought together over 30 organisations for the inaugural meeting, including advisers, paraplanners, providers and technology suppliers.
FLAG was created following the #LogYourLoAPain campaign, which highlighted the inefficiencies of the LoA processes and what solutions are already in place to help support advisers.
The discussion was marked by a shared commitment to finding effective solutions to the LoA process issues, with frustrations surrounding the LoA process being shared across the industry. The meeting highlighted that although improving the LoA process often loses priority to regulator projects, it is still on many providers’ radars.
The introduction of the pension dashboards was also discussed with representatives noting that this could put pressure on organisations to allocate resources towards fixing their LoA processes.
Billy Burnside, Criterion’s MD, commenting:
Although some providers have made improvements to their LoA processes, these have mostly been made in isolation and accordance to their internal processes. The data in the LoA process needs to work for advisers, moving seamlessly between multiple external third-party systems to support ongoing adviser processes if it is to be efficient – and this is just one of the benefits that Standards can bring.
The next FLAG session will take place in October 2024 and will focus on a specific product type to build momentum, demonstrate possibilities using API and Criterion Standards, and and signatures.
If you would like to join this group, please contact Justine Pattullo directly for more information.
