Case Study: Legal & General Network rolls out Intelliflo’s Intelligent Office as its new MMR PoS solution

Legal & General Network is introducing Intelliflo’s Intelligent Office Point-of-Sale (PoS) customer service and agent solution to its Appointed Representatives (ARs) and Directly Authorised (DAs) members across the UK, which sell investments, pensions and insurance on behalf of the L&G financial services (FS) organisation, reports Neil Ainger. The on-going installation will ensure compliance with the …

by | January 29, 2014 | bobsguide

Legal & General Network is introducing Intelliflo’s Intelligent Office Point-of-Sale (PoS) customer service and agent solution to its Appointed Representatives (ARs) and Directly Authorised (DAs) members across the UK, which sell investments, pensions and insurance on behalf of the L&G financial services (FS) organisation, reports Neil Ainger. The on-going installation will ensure compliance with the impending UK Mortgage Market Review (MMR) regulation and introduce more efficiency and oversight of the reselling and financial advisor network. 

The migration towards the new MMR-compliant advisory platform at L&G is due to run throughout this quarter, ending in March 2014, with over 70 residential courses having been run for the Legal & General Network of UK FS resellers. It follows on from a similar rollout of Intelliflo’s Intelligent Office PoS solution at L&G’s wealth management unit the year before, which was instrumental in this latest stage of the on-going technology upgrade and compliance project. 

The rollout will add functionality and improve the customer and agent experience with L&G by integrating and displaying customer details more comprehensively. Importantly, it also complies with the Mortgage Market Review (MMR) UK regulatory stipulations that come into effect this April in 2014, demanding clearer audit trials and procedures for financial advisor sales in the country. 

Five of L&G’s partner firms in the UK have been involved in the development of this long-running customer advisory technology upgrade and compliance project from its inception back in December 2012. The aim is to ensure that the solution and the associated training exactly fit the needs of L&G’s distributors. The installation of Intelliflo technology and the training programme rollout at the Legal & General Network of ARs and DAs is the last aspect of this project, culminating in March 2014.

Expected L&G Compliance Project Benefits 
The FS company is expecting to gain major growth, customer targeting, compliance and efficiency benefits from the programme and, crucially, an optimised system for the launch of the MMR regulatory environment in April 2014.   

Commenting on the project, Simon Maskell, proposition director at Legal & General Network, said: "The move to Intelligent Office represents the biggest investment we've made in a single initiative since the Network launched back in 2004. It is a key element of our commitment to ensuring that Legal & General Network’s distribution network is the strongest in the market.  

“Our intention is to lead the market by launching this new PoS system from Intelliflo, which gives a great adviser and customer experience,” continued Maskell. “Much of the design for this project has come through direct feedback and input from our advisor partners. As a result we're confident that its launch will support our clear growth strategy, enabling us to manage our joint regulatory obligations more effectively and complete with clear and robust audit trails as the number of advised sales begin to rocket post-MMR.”  

Conclusions
According to Dave Chessell, chief commercial officer (CCO) at Intelliflo, as the UK MMR mortgage regulation draws closer in April 2014, it is vital that advisors have easy access to the tools they need to manage their customers and report on activity effectively. “Intelligent Office will not only satisfy both of these requirements, but will also enable greater efficiency and productivity in a compliant way,” he claimed.

The full migration on to the Legal & General Network started in December 2013 and will finish at the end of March 2014. It is one of many such projects that are currently underway to meet the MMR advisory compliance deadline, but not all are running to time or include such detailed integration and training programmes. As ever, those FS firms that are ready now ahead of schedule will likely gain the ‘first mover advantage’ and could experience a growth in sales and a clear ‘ compliance tick’ from the regulator, mitigating the risk of later fines or reputational damage.    

 

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