The process of obtaining LoAs remains a major blocker for financial advisers, adding unnecessary delays, administrative burden, and frustration when working with providers. This inefficiency directly impacts clients, who experience delays in receiving advice and making informed financial decisions. 

To tackle this ongoing issue, we have launched a new LoA Data Checklist for DC Pensions – an intuitive, accessible standard tailored towards the needs of advice and compliance practitioners. In a spreadsheet format, it aims to simplify and streamline the traditionally cumbersome LoA process, enabling advisers to make standard data requests to drive operational efficiency.   

What do the LoA Standards do?

The LoA Standards support advisers in onboarding new clients by providing an effective, integrated method of requesting and receiving information about clients’ existing policies.  

These standards enable a single automated LoA request to be made by an adviser—potentially to each product provider the client is a customer of, which is then satisfied by one or more automated fulfilment responses, depending on how many policies the client currently has.  

This approach significantly reduces manual intervention, delays, and inefficiencies, allowing advisers to focus on providing the best service to their clients. 

Why was the the Data Checklist created? 

The Data Checklist has been built from the LoA Standards in a less tech-heavy format for advisers, making it easier for them to understand and use in their daily workflows. It also serves as a tool to encourage product providers to deliver industry-standard data content in LoA responses, and ultimately to implement the LoA Standards by demonstrating their practicality and benefits. By using the Data Checklist, advisers can streamline their processes while also pushing for industry-wide adoption of standardised LoA data practices. 

The Data Checklist will:  

  • Drive industry change;
  • Reduce administrative burden;
  • Enable adviser-led improvements.  

For too long, financial advisers have had to tackle the inefficiencies of the LoA process, and it's time for real change. Providers should prioritise the adoption of LoA Standards to eliminate delays and inconsistencies that hinder advisers and their clients. By using this Data Checklist and advocating for standardised practices, advisers can put pressure on providers to implement automation. The industry must move towards a more streamlined, adviser-friendly approach—this is a critical step in making that happen. 

Nick Green, Strategy Director, Criterion

How can you get involved?

The Data Checklist is available on our website, please register to get access. Financial advisers will get free access to the Data Checklist and are invited to use it in their workflows and to share their feedback and insight. Feedback and questions can be directed to [email protected].  

If you want to get even more involved and help solve the LoA issue, then please join the Fix LoA Action Group (FLAG). This group was setup by the Pension Lab to bring the industry together to discuss the barriers and potential solutions.  

We are proud of the progress made since establishing the FLAG, but this is just the beginning. Meaningful change requires more organisations to join FLAG and for advisers to actively engage with the LoA Data Checklist. Adviser feedback is crucial in driving industry-wide adoption of Criterion’s LoA Standards. If we can get more advisers using standards, it helps push the case for providers to automate processes, reduces costs and frustrations, and ultimately creates a smoother, more positive experience for consumers. 

Justine Pattullo, Consultant at Pension Lab and Chair of FLAG