The new Royal London Review Service, developed with advisers, is designed to provide them with more support in meeting their FCA obligations.
Under the current rules the FCA’s best practice standards require advisers to collate all the information they need, from various sources and pull that information together, along with their recommendations into a client facing report. After a client review, advisers are then required to keep an audit trail of their conversation and recommendations in an adviser report.
The new Review Service, which is fully on-line, automatically collates all the information relevant to their clients’ Royal London pensions into individual client reports, tailored to the adviser’s requirements. Advisers are then able to focus their time on the important recommendations for their clients in the pension review, rather than spending time pulling together all the information. The adviser report, which is also automatically available, documents everything in the client report plus extra detail that advisers typically need such as, projection assumptions, breakdown of their client’s pension contributions. This adviser record of the client’s review provides an audit trail to help them meet the FCA requirements.
The Review Service aims to enable advisers to be more effective in meeting their compliance requirements and to demonstrate due diligence, by having the full adviser and client reports automatically available on their records, as well as saving them time.
Colin Mitchell, Head of Pensions Proposition at Royal London’s intermediary business, commented:
“Good client outcomes are in everyone’s interest. Our new Review Service provides advisers with an easier and more efficient review process, allowing them to concentrate their efforts on what really matters – adding ‘real’ value for their clients with advice on their current pension and their potential options and choices, which can often be quite complex.
Royal London has a long history of developing support tools for advisers and consumers in the pensions market and the Review Service is yet another example of where we’ve seen the potential to use technology for the benefit of both advisers and their clients. We’re continually looking to identify and improve the services we offer, to provide advisers with smarter ways of working and which also offer a better experience for their clients.”
“We’ve had an extremely positive reaction from the advisers who helped us in developing the Review Service. It has also provided us with the opportunity to demonstrate our understanding of their needs and how working together we’re able to help them improve the service they’re able to offer their clients.”
The Review Service is available to advisers with clients who have Royal London group and individual pensions.
In summary the new Royal London Review Service provides:
- The ability for advisers to save time and money, by providing all Royal London pensions related information for their clients in one place;
- Personalised information through reports which can be tailored by the adviser to suit their client’s needs. For example, pension performance over a required reporting period and the underlying investment details;
- Adviser branded content, to help advisers show their clients that they are receiving a professional, value for money, service;
- Support material that advisers can use in conversation with their clients to help provide weight to their recommendations and increase engagement;
- Personalised information covering compliance requirements on how the pension is performing and the amount the client is paying in charges.
Advisers looking for more detail on the new Royal London Review Service should speak to their usual Royal London contact or go to adviser.royallondon.com/reviewservice where a short video on the Review Service is available to view.
Notes to editors:
At Royal London we’re championing the value of impartial advice. We believe it is crucial in connecting customers with the products that are right for them and is key to delivering better outcomes to our customers, while at the same time, building trust in our products and services.
We want to install confidence in advisers and demonstrate why Royal London is a provider who intends to stand alongside advisers and their business and not compete with them. This is why we have made some key commitments to the advisers we work with. More details on Royal London’s commitment to advisers is available at http://adviser.royallondon.com/campaigns/our-commitments/
For more detail on Royal London’s pension services available to financial advisers go to http://adviser.royallondon.com/
About Royal London:
Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.