In today’s SPOTLIGHT session titled “Consumer Duty is for everyone, not just advisers”, Cathi spoke about doing better and questioning the roles of other providers, especially compliance providers, when it came to the principles of Consumer Duty.

“The reality is that Consumer Duty isn’t just the responsibility of advisers,” Cathi said. “It should be a shared responsibility across the whole supply chain – particularly for compliance providers, who have a significant role to play in shaping the regulatory environment and supporting advisers to meet these obligations.”

It’s not difficult to see how Cathi’s passion for improving compliance and consumer protection reaches back to 2018 when Apricity Compliance was born. Its mission was simple – simplify compliance and make it ‘come naturally’ for firms, Cathi’s vision has always been to build a business that enables advisers to deliver the best outcomes for their clients and that is the same spirit The Verve Group holds today.

Whilst Verve has had success in helping firms navigate the complex world of regulation, we are still seeing concerning practices in the industry, particularly from some compliance providers. “We continue to hear about excessive contract tie-ins, top-slicing of commissions, and providers failing to pass on any savings from file-checking or system efficiencies,” she said. “In a fast-paced, technology-driven world, these practices are increasingly difficult to justify. Providers need to leverage technology to deliver real value to their own clients, rather than using it as an opportunity to boost profit margins at the expense of advisers and their end-clients.”    

This blog post comes about as Cathi launched a new level of compliance service – one which harnesses technology and rivals other existing compliance providers. ‘Our new ‘standard’ service gives firms access to a technical helpdesk – in-person and online search – as well as a comprehensive directory of guides, templates, bulletins and L&D events to which firms have become accustomed. The real difference in this new service isn’t the service itself, but the pricing model – where it’s a fixed fee regardless of firm size and status.’

Worry not to our current clients, we will still continue to offer our human-led compliance service which takes a consultative approach and will continue to include regular check-ins for those who prefer or need a more personalised approach.  

“Consumer Duty should be more than just a regulatory requirement. It should be a mindset that permeates every part of the service we provide to clients. It’s about working together to put the consumer at the heart of everything we do — from compliance through to advice, and beyond.”

To catch up on today’s SPOTLIGHT, click here.