The new LoA Data Checklist Standard, designed to streamline and standardise Letters of Authority (LoA) data, is gaining significant traction, with over 70 registrations from a wide range of firms and technical specialists.
Created from demand gathered from the industry’s Fix LoA Action Group (FLAG) and delivered and maintained by standards organisation Criterion, the LoA Data Checklist enables the advice (request) side to set out the expected returned data from platforms, providers and schemes. By repeatedly setting out the standard expectations of what information is to be returned, at scale, providers in response will have demand for a standard framework that drives standard LoA responses via systems – ultimately reducing the time it takes to fulfil LoA requests, reducing follow-up calls and questions, increasing data accuracy and completeness and providing the response in a machine-readable format for advisers to use in their various systems.
Feedback to date has been strong, including positive engagement from pension and investment providers with additional insights from technology suppliers and field-level feedback from advice firms.
Criterion is hosting a dedicated feedback review session on 1 May, enabling LoA stakeholders and interested parties to shape the future direction of the checklist, including potential for expanding it from its current DC pensions scope to cover other retail investment products, as well as protection. The outcomes from the review will be shared with the FLAG on 14 May. With the LoA Data Checklist under the management of Criterion, the entire LoA stakeholder ecosystem benefits from its expert maintenance with continual reviews against the latest regulatory and legislative changes to ensure ongoing usability.
All interested advisers, paraplanners, tech firms, platforms and providers can download the checklist via Criterion’s website (https://www.criterion.org.uk/what-we-do/criterion-standards/standards-library/version/version-10-draft-loa-data-checklist). Those who download will be invited to attend the review session, which will offer a unique opportunity to influence how the industry handles LoA data for the better.
Nick Green, Strategy and Proposition Director, Criterion, says:
“There’s clear interest and engagement across the board. The feedback we’ve received differs by stakeholder group, which reflects the complexity and reach of the LoA process – but this is where our expertise as a standards body comes to the fore by weaving in the different requirements into a usable and foundational tool to enable improved LoA responses.
“We’re looking forward to welcoming those who have downloaded the checklist to our dedicated feedback session on 1 May. This input is crucial – it will directly influence the development of the checklist for other product types and support all key players involved in LoA processing.”
Justine Pattullo, Chair of Fix LoA Action Group (FLAG), adds:
“As the LoA Data Checklist comes into use, the focus will shift from design and agreement to adoption, and that is where the real impact lies, as does the immediate challenge. The LoA problem is often portrayed as lying firmly at the door of providers, but advisers play a key role too. We need to work together to help fix the LoA process, and Criterion’s checklist helps bridge that gap. Led by Pension Lab, FLAG is an entirely voluntary initiative set up only nine months ago. It now has over 50 member organisations, and we all want the same thing – improvements to the LoA process – so we’re grateful to Criterion for their support.”
