Fintech and investment provider Timeline has partnered with The Pension Lab to offer a digital solution to automate and streamline the Letter of Authorisation (LOA) process for advisers.

The digital solution will enable advisers to create, submit, track and receive LOAs electronically. It also can be used to create automated follow-ups.

Timeline said the launch demonstrated its commitment to supporting advisers by addressing inefficiencies in the process highlighted by the 'Log Your LOA Pain' campaign.

LOAs give financial advisers the authority to communicate with financial institutions on behalf of clients, but the traditional process is predominantly manual and time consuming.

Timeline said LOAs cost financial advisers “hundreds of millions of pounds” every year.

Advisers can face delays of up to 59 days with archaic requirements, including wet signatures on paper forms slowing down the process for advisers and their clients alike, according to The Pension Lab.

Timeline and The Pension Lab said their new digital solution will reduce administrative burdens of LOAs by up to 80%.

Abraham Okusanya, CEO of Timeline, said: "We fully understand the huge frustrations financial advisers face with the current LOA process, which is a huge cost to not only themselves but also the environment, one which is set to increase.

“Our partnership with The Pension Lab is designed will transform the inefficiencies and environmental impact associated with LOAs, enabling advisers to focus on what they do best, advising their clients."

Timeline launched its platform in May this year, saying it would provide an “integrated ecosystem built for modern financial advisers.”

Timeline provides a number of fintech tools and investment solutions. It also has £4bn in assets under administration.