The industry is not ready to address the money that the current letters of authority (LoA) process wastes every year, according to The Pension Lab.
Its chief executive and founder Scott Phillips said that this is both "highly frustrating and understandable". This comment comes as the firm facilitated the first meeting of its group formed to expose the money "wasted" on LoA process inefficiencies. Its ‘Fix LoA Action Group' (FLAG) had its first meeting yesterday (23 July), bringing together more than 30 organisations, including advice firms, paraplanners, providers, tech suppliers, and industry bodies. The group was established in direct response to The Pension Lab's #LogYourLoAPain campaign and the white paper ‘What Lies Bene...
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