The Pension Lab has formed a new industry action group as part of its campaign to overhaul the Letters of Authority process.
Under the leadership of The Pension Lab CEO Scott Phillips and independent consultant Justine Pattullo, the Fix LOA Action Group (FLAG) will bring together a number of organisations, including master trusts, pension providers and platforms, industry bodies as well as advice/paraplanning firms.
It follows a white paper released in April 2024 on the inefficiencies in the LoA process. These included long onboarding delays, the inability to track results and data re-keying risks.
Scott Phillips, CEO and founder of The Pension Lab, said: “Our white paper brought to light the pervasive issues with the LoA process which impacts all stakeholders. With the increasing number of pension pots and transfers and the significant impact of pension dashboards forecast to increase LoA numbers eightfold, the need for reform is more urgent than ever.”
An inaugural meeting is due to take place on 24 July, where three key working groups will be proposed as priority areas for improvement.
