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th July 2021 12:01 am
Advisers have raised concerns about Legal & General’s (L&G) tactics to secure meetings to understand “distributor processes”.
A distribution oversight manager from Legal & General Retirement Retail has been requesting an hour-long review meeting with advisers to fulfil regulatory “obligations”.
But some advisers have suggested the process appears to be more of an information gathering exercise or potential sales pitch.
Correspondence seen by
Money Marketing shows advisers have been contacted to arrange a review for L&G to understand the “distributor processes and approaches to gain invaluable feedback on [its] products and service”.
The email states: “Legal & General Retail Retirement Income take its obligations under the Financial Conduct Authority’s RPPD (Responsibilities of Providers and Distributors for the Fair Treatment of Customers) seriously and, as such, periodically conduct reviews with their distributors.”
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The Solvency II regulatory regime is a harmonised prudential framework for insurance firms in the EEA. This single market approach is based on economic principles that measure assets and liabilities to appropriately align insurers risk with the capital they hold to safeguard the policyholders interest. Solvency II capital coverage ratio The Eligible Own Funds on a regulatory basis divided by the group solvency capital requirement. This represents the number of times the SCR is covered by Eligible Own Funds. Solvency II capital coverage ratio (proforma basis) The proforma basis Solvency II SCR coverage ratio incorporates the impacts of a recalculation of the Transitional Measures for Technical Provisions and the contribution of with-profits funds (2019 only) and our defined benefit pension schemes in both Own Funds and the SCR in the calculation of the SCR coverage ratio.