The industry Fix LoA Action Group has recently gained the support of the FT Adviser, which has declared that 2025 will be the year to fix LoAs. Since this announcement it has published a series of articles and a dedicated podcast:
- Podcast: Fixing Letters of Authority
- Article: Financial Services Welcomes Pension Lab’s Focus on LoA Processes
- Article: Let’s Fix the Problem with Letters of Authority in 2025
- Article: We Wanted to Solve the Underlying Problem with Letters of Authority
FLAG was created following the #LogYourLoAPain campaign, which highlighted the inefficiencies of the LoA processes and the solutions which are already in place to help support advisers.
LoAs have a long history of causing disruption for advisers, which can result in the end client receiving delayed advice and a negative experience at what is often the start of their advice journey.
To address the persistent LoA challenges, FLAG has been convening a series of collaborative meetings with advisers, platforms, and technology companies. These sessions aim to foster industry-wide alignment, tackle deeply rooted issues, and ultimately enhance outcomes for consumers.
At the next FLAG meeting on 26 February, we will be discussing the launch of our new LoA Standards Data Checklist as part of our existing LoA Standards suite. If you are interested in participating in FLAG, then please get in touch with The Pension Lab, which is currently hosting it.
