Protection
UPDATE
Legal & General
WORKING HARDER TO MAKE YOUR LIFE EASIER
Issue 11 November 2005
 
Did you know?
New Rates
New Regulatory Requirements for Applications
Business Protection? As you read this article, a small business could be folding!
Financial Underwriting changes
Are you using the right Key Features Document?
Free SmoothMove Cover included within Mortgage Protection Policies
Changes to Online Protection screens
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Basis of Advice: New Regulatory Requirements for Applications

What is Basis of Advice?

Basis of Advice (BOA) is part of an FSA requirement to capture and report whether or not advice was given, on any reportable product which you have sold.

  • The FSA have issued new regulations which will require product providers to report the BOA on which each individual sale has been made (Advised/Non Advised) for all product types.

  • Legal & General along with other providers are required to collate the information and submit the first report to the FSA in July 2006.

  • General Insurance contracts are excluded from this reporting requirement.

What will change as a result of this requirement for Legal & General protection policies?

All Legal & General’s Protection electronic front end-systems, including, Online Protection, Term PAC and LaunchPad are being amended to enable us to capture the BOA requirements with effect from Sunday 20 November 2005.

What will I need to do?

From 20 November, when submitting an application using, Online Protection, Term PAC or LaunchPad you will need to complete a simple BOA declaration, confirming whether the sale was Advised or Non Advised.

  • On Online Protection the declaration appears on the client details screen.

  • On Term PAC the declaration appears on the agent details screen.

  • On LaunchPad the declaration appears on the “Advisor Identification” sub-section of the “Administration” section.

Our protection paper applications will be amended in January 2006.
 

For further information please contact us

 
 
This is not a consumer advertisement. It is intended for Professional Financial Advisers and should not be relied upon by private investors or any other persons.
 
© Legal & General Assurance Society Limited (2005) Registered in England No 166055
Registered Office: Temple Court, 11 Queen Victoria Street, London EC4N 4TP
A member of the Association of British Insurers
www.legalandgeneral.com/advisercentre