The Legal & General Partnership has been issued with its minded to authorise letter by the FSA.
The Legal & General Partnership will act as principal for firms wishing to be Legal & General's appointed representatives for mortgage, protection and general insurance sales under the new FSA regulations starting to come into effect from October 2004.
Over the last month a series of regional forums have been held to confirm the final proposition for the firm to businesses and to set out the process and time scales for applications to join. L&G says feedback from these forums has been very positive from existing and new partners alike.
The firm, which is seeking to maintain trading relationships with the advisers currently linked to Legal & General, says it is well advanced with its recruitment plans having already received pledges to join from firms representing over 75% of these sellers. The MTA letter from the FSA means that the formal contracts required to complete this process can now be put in place.
As a further step in readying itself for this October, Legal & General has appointed John Wilkinson to the post of chief operating officer for The Legal & General Partnership.
Wilkinson was previously national business director responsible for Legal & General's appointed representatives. Further appointments will be made to the management structure of the Partnership in the next few weeks.
Graham Newitt, managing director, intermediary solutions at L&G, says: “John's experience and skills will ensure the Legal & General Partnership gets off to a flying start. John has been instrumental in ensuring we are well on track to meet our target for sellers within our network. So far over three quarters of these have indicated their intention to join the Partnership.”