A Letter of Authority (LOA) is a document you sign to authorise your financial consultant at Crowe Financial Planning UK Limited (Crowe FPUK) to contact providers and access information about your plans on your behalf. This helps us review your existing arrangements, provide advice, and, where authorised, manage administration tasks for you.
Types of LOA
- Information only: Allows us to request information from your provider but does not allow us to make any changes to your plan.
- Servicing rights (Change of Agency): Allows us to access information and carry out agreed administrative tasks on your behalf, such as arranging withdrawals, updating investment funds, and managing ongoing servicing. This type of authority is sometimes referred to as a Change of Agency by providers.
You can cancel either type of LOA at any time by notifying us and, where relevant, your provider in writing.
Why do we need an LOA?
Financial providers hold personal and sensitive information and cannot share it with a third party without your permission. An LOA provides that consent and enables us to obtain the information needed to review your plans and provide advice.
Without an LOA, providers will usually refuse to discuss your policy with us.
Who can sign an LOA?
The person who legally owns the plan must sign the LOA. This may include:
- the individual policyholder
- both holders of a joint plan
- an authorised trustee or company representative
- an attorney acting under a registered Lasting Power of Attorney for property and financial affairs.
How can it be signed?
Most providers accept:
- handwritten (‘wet ink’) signatures
- electronic signatures
- some digital authority services, depending on the provider.
What information is required?
An LOA should include:
- your full name, address, date of birth, National Insurance number, and plan or policy details (plan or policy number, plan type)
- our business details and FCA registration information
- permission to obtain information and/or servicing rights
- a valid signature and date.
How long is it valid for?
A Servicing Rights LOA remains in force until you cancel it or until Crowe FPUK notifies the provider to remove our authority. In rare cases, some providers may ask for it to be renewed periodically.
An Information Only LOA does not have a standard validity period. Many providers treat it as valid for up to 12 months, though some ask for a new LOA after six months. We will let you know if a renewal is needed.
The LOA process
- You sign the LOA.
- We submit it to your provider.
- The provider grants authority and shares the required information.
- We follow up with the product provider and gather any further information we may need.
- We review your plans and carry out any agreed actions.
Avoiding delays
Response times vary between providers. Some providers respond quickly, but in other cases it may take several weeks to receive all the information we need.
The most common reason for an LOA being rejected is that the information provided does not match the provider's records. Please ensure your name, address, date of birth, National Insurance number, and policy numbers are accurate and up to date.
Frequently asked questions
Not usually. Statements often do not include important details such as charges, transfer values (the amount your plan could potentially be moved for), contribution information, retirement options, death benefits, or investment holdings.
Servicing rights can make managing your plans quicker and easier, giving us direct access to information and allowing us to carry out agreed changes with less paperwork and fewer delays.
If you have any questions about the LOA process, please speak to your financial consultant.
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DisclaimerCrowe Financial Planning UK Limited is authorised and regulated by the Financial Conduct Authority (FCA) to provide independent financial advice (FRN 185323). This insight is approved for use by Crowe Financial Planning UK Limited on the date issued. The information on this page is for information purposes only, based on our understanding of legislation and market practice at the time of writing. It does not constitute financial, legal or tax advice, and appropriate professional advice should be sought before any course of action is pursued. Where professional financial advice is sought, fees will apply and will vary depending on the complexity of the individual case. Any advice will be based on personal circumstances, and as with all financial planning, outcomes will depend on a range of factors that cannot always be predicted or guaranteed. The value of investments can go down as well as up and is not guaranteed; investors may not get back the amount originally invested. Past performance is not a guide to future performance. Tax treatment depends on individual circumstances and is subject to change. The FCA does not regulate Trusts, Tax or Estate Planning. The division of pension assets on divorce involves both financial and legal considerations, independent legal advice should be sought alongside any financial planning guidance. Please be aware that clicking links to third-party websites will take you away from the Crowe Financial Planning website. We are not responsible for the accuracy of information contained within linked sites. |
