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Corporate
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Legal & General has announced its membership of a new independent professional body, the Consumer Duty Alliance (CDA), aimed at promoting good practice and delivering better client outcomes.
24 Mar 2023
The Air Sourcing platform is an industry-leading technology solution that allows advisers to search and recommend the most relevant, up-to-date later life lending solutions to their clients. As well as providing extensive research filters to meet individual customer needs, the platform allows advisers to request multiple Key Facts Illustrations (KFI) across products.
APIs help improve the adviser journey by allowing different pieces of software to share information in real time. To maximise the reach of data captured, sourcing and KFI research is automatically transferred through the link and is accessible on the platform.
Today’s move is part of Legal & General’s wider support for the adviser community via Air, which includes active participation within this community as one of the platform’s Ambassadors. Legal & General Home Finance also recently announced improvements to its lifetime mortgage range including increasing its offer validity period from 50 to 90 days and introducing new lower LTV Products with lower LTVs and interest rates.
Craig Brown, CEO, Legal & General Home Finance: “The launch of our API link on the Air Sourcing platform is the first time we’ve linked in such a seamless way with a sourcing site. Not only will it save advisers having to rekey information, but it will also make the overall process smoother and ultimately lead to better customer outcomes.“For an adviser to be able to offer a truly accurate view of what product best meets a client’s need they need a joined-up perspective of the at-retirement product space. Lifetime mortgages continue to play a significant role in modern financial planning, and we are working constantly to make our products more accessible to advisers. As the market evolves, alongside new technologies, we aim to have links across all main sourcing sites.”
Mike Taylor, Managing Director at Air Club: “This new API with Air Sourcing and Legal & General Home Finance will allow a smoother transition from sourcing to KFI. This will remove an extra step in the current process as advisers will no longer need to re-key client’s information from our sourcing tool to a lenders portal, it will transition through automatically.“At Air, we strive to find new and innovative ways to support advisers to help them provide successful and good outcomes to their customers by providing technological advances to automate some of the more manual processes. Looking towards Consumer Duty, which is to be implemented in the next few months, this API link will provide one documentation source for advisers using Air Sourcing and Legal & General Home Finance.”
Established in 1836, Legal & General is one of the UK’s leading financial services groups and a major global investor, with £1.2 trillion in total assets under management (as at FY23) of which c40% (circa £0.5 trillion) is international.
We have a highly synergistic business model, which continues to drive strong returns. We are a leading international player in Institutional Retirement, in Retail Savings and Protection, and in both public and private markets through our Asset Management division. Across the Group, we are committed to responsible investing and dedicated to serving the long-term savings and investment needs of customers and society.
As at 7 June 2024, we estimate the Group’s Solvency II coverage ratio to be 224%.
As at 11 June 2024, Legal & General has a market capitalisation of £14.6 billion.
Legal & General Retail helps create brighter financial futures for all our customers. The division covers the savings, protection and retirement needs of our c.14 million retail policyholders and workplace members.
In 2023, we had total individual annuity sales of £1,431 million, and issued £299 million of Lifetime Mortgages and Retirement Interest Only Mortgages. Our Workplace pension platform served 5.2 million members, while our Protection businesses gave peace of mind to several million direct, group and US customers, taking in £1,991 million of UK and $1,584 million of US gross written premiums.