Nearly three months have passed since the launch of the collaborative #LogYourLoAPain campaign, and as we approach the publication of the results in a white paper scheduled for release this month (April 2024), we thought it an ideal moment to report on thoughts and feedback received so far.
Foundational Supporters
The success of the campaign owes much to our foundational supporters - Beyond Encryption, Punter Southall, and Criterion – who have been integral since the inception of #LogYourLoAPain. These organisations possess unique and extensive experience with the LoA process, offering diverse perspectives on its challenges. Their unwavering support has been instrumental in driving the initiative forward, spanning from social media engagement and content creation to providing valuable insights gained from their key stakeholders regarding the LoA process and its impacts.
New Supporters
We have also welcomed five new supporters as momentum for the campaign has grown: EV, Penny, PensionBee, and more recently CATS and Octopus Money, with Mel Holman’s (CATS managing director) sentiments on their inclusion saying it all “At CATS, we're driven by a passion to alleviate the burdens of regulatory requirements, enabling advisers to focus on their core strengths. Joining The Pension Lab’s #LogYourLoAPain initiative underscores our commitment to tackling industry challenges collectively, recognising the vital importance of addressing overlooked processes like the Letter of Authority with a unified effort.”
Increasing Awareness – Media Coverage
In discussions with our supporters and others from around the industry, a recurring theme has been the positive surprise at the increasing awareness of the LoA process, attributed in part to the growing volume of commentary on social media and in trade publications. While we too are very pleased with the level of coverage, we also believe that this is just the start!
And in case you missed out, here are just some of the recent articles helping to voice the LoA issue:
- https://www.ftadviser.com/pensions/2024/02/07/loas-largest-barrier-to-receiving-timely-advice/
- https://www.ftadviser.com/opinion/2024/02/23/the-big-sorry-is-wake-up-call-to-address-loa-challenges-collectively/
- https://www.moneymarketing.co.uk/news/why-letters-of-authority-are-stuck-in-the-past/
- https://ifamagazine.com/the-hidden-costs-of-the-letter-of-authority-and-what-can-we-do-about-them/
- https://www.moneymarketing.co.uk/news/three-new-fintechs-join-pension-labs-loa-campaign/
- https://www.moneymarketing.co.uk/opinion/loa-horror-show-lets-everyone-down/
- https://mailchi.mp/thelangcat/the-top-class-wednesday-update-likes-it-like-this?e=db22bb2876https://www.moneymarketing.co.uk/podcast/in-conversation-with-pension-lab-founder-scott-phillips/
Launch coverage:
- https://ifamagazine.com/campaign-to-count-a-way-forward-to-transform-letters-of-authority-advisers-invited-to-join-in-the-big-count/
- https://www.ftadviser.com/pensions/2024/01/17/initiative-calls-on-advisers-to-log-volume-of-loas-to-shed-light-on-issue/
- https://professionalparaplanner.co.uk/pension-lab-launches-logyourloapain-campaign/
- https://www.moneymarketing.co.uk/news/pension-lab-calls-for-overhaul-of-pen-and-ink-letters-of-authority
- https://mailchi.mp/langcatfinancial/the-top-class-wednesday-update-helps-you-win-pub-quizzes
- https://www.financialplanningtoday.uk/news/item/17024-campaigners-call-on-planners-to-log-loa-stresses
Of course, we are eager to see the profile of the LoA process continue to grow. The imminent launch of our white paper (end April 2024) will contain the findings we have gathered over the last three months – and even at this stage, they should be staggering enough to warrant the necessary attention needed and more importantly, drive actions for its improvement for all.