Join The Campaign: A Way Forward to Transform Letters of Authority

At Beyond Encryption, we’re passionate about helping regulated companies overcome everyday frustrations with secure solutions.

That’s why we’ve joined forces with Criterion, Punter Southall, and The Pension Lab to launch a ground-breaking initiative: #LogYourLoAPain.

This campaign calls on the financial services industry to rethink outdated pen-and-ink Letters of Authority (LoAs) that slow down and complicate the advice process.

Together, we’re building a data-driven case to replace these antiquated processes with 21^st-century solutions.

What Is #LogYourLoAPain?

#LogYourLoAPain is a collaborative effort to shed light on the time, effort, and cost of managing LoAs.

These documents are critical for advisers to gain the permissions they need to assist clients, but they’re a notorious pain point.

Recent research shows that LoAs frustrate advisers and create unnecessary delays for their clients.

We want every adviser, planner, and paraplanner in the UK to log their LoA volumes.

This will help us quantify the true cost of these processes and build a powerful case for change.

Why It Matters

LoAs are more than just paperwork.

Delays in processing these documents can impact advisers’ ability to meet the Financial Conduct Authority’s Consumer Duty.

Advisers need reliable information to deliver quality advice, and waiting weeks or even months for client data simply doesn’t cut it.

By logging your LoA data, you’ll not only receive a bespoke report on your firm’s annual costs but also contribute to a wider industry initiative to modernise this essential process.

Driving Real Change

Scott Phillips, CEO and Founder of The Pension Lab, highlights the importance of this initiative:

"The #LogYourLoAPain initiative seeks to build on the great research carried out by The Lang Cat by asking, ‘How many LoAs are advisers dealing with, and how much does it cost them?’

Encouraging everyone to log the volume of their estimated LoA submissions will shed light on the extent of the issue across the UK, enabling substantive prioritisation for its improvement."

— Scott Phillips, Founder, The Pension Lab

We’re proud to support this initiative alongside industry leaders Criterion and Punter Southall.

Together, we’re helping advisers and firms see the tangible benefits of a streamlined, automated LoA process.

What Happens Next?

The #LogYourLoAPain initiative unfolds in three stages:

• Submit your estimated monthly LoA volumes using the online form.
• Receive a bespoke report detailing the annual costs incurred by your current LoA process.
• Join a coalition of advisers, technology providers, and industry stakeholders to drive meaningful change.

As Billy Burnside, Managing Director of Criterion, explains:

"The LoA process has been a persistent source of industry frustration for a long time and needs tackling.

The #LogYourLoAPain initiative aims to highlight the true cost to advisers and providers of maintaining current practices and enable firms to see the benefits of working collaboratively and identifying solutions to improve this lengthy and outdated process."

— Billy Burnside, Managing Director, Criterion

FAQs

What Is #LogYourLoAPain?

#LogYourLoAPain is a campaign to help advisers log their LoA volumes and quantify the cost of outdated processes, building a case for change.

Who Can Participate?

Any UK adviser, planner, or paraplanner dealing with Letters of Authority can take part by submitting their data.

How Will This Initiative Help Advisers?

By participating, advisers will receive bespoke reports on their firm’s costs and contribute to a movement for streamlined processes.

What Are LoAs?

LoAs, or Letters of Authority, grant permission for advisers to access client policy information. They are often slow and outdated.

References

Just Fix It Already: The Broken Letter of Authority Process in UK Wealth Management, The Lang Cat, 2023

Reviewed by

Sam Kendall, 19.12.2024

Sabrina McClune, 19.12.2024