The application which runs to around 200 pages outlines in fine detail the significant investment and robust infrastructure being developed for Legal & General’s proposition.
A new company has been created to act as the Principal firm which will trade as The Legal & General Partnership. The work to establish the necessary systems, processes and controls for this company are well underway with the overall proposition being tested regularly amongst the company’s network of advisers. Key to the proposition is technology solutions for both point of sale advice and training and competence, which will make the most of the electronic trading solutions Legal & General has already delivered to make life as easy as possible for advisers to sell compliantly.
The company has yet to announce its charges but says this will be highly competitive. Graham Newitt, Managing Director Intermediary Solutions said, “We do not need to earn a profit from running our network so we will be announcing a charging basis that will offer excellent value for money for the services we are providing”.
Graham Newitt said, “The enormity of the challenge to develop a sound proposition for principal status should not be taken lightly. Some networks have already reassessed their decision to act as a Principal and others will find it onerous to devote the significant effort and resource that is needed to build a serious and worthwhile proposition for mortgage advisers.”
“I believe there will be a flight to quality as the various propositions are rolled out and Legal & General’s will be the best in the market.”
Advisers who want to discuss Legal & General’s proposition should call 0845 7697057 or email [email protected]
