We are currently in an era where consumer protection is crucial and at Verve we are taking it upon ourselves to lead that change for improved compliance standards throughout the whole of financial services.
Cathi recently delivered a workshop at Money Marketing Interactive a few weeks ago, titled the same as this blog post – ‘Why Consumer Duty should apply to everyone – not just advisers’. The workshop delved into the need for a collective commitment to uphold professional standards throughout the entire supply chain, not just advisers.
As the Consumer Duty regulation has utterly reshaped the landscape for financial services, Cathi highlighted an integral but critical concern: support service providers, primarily those in the compliance space, have to improve their standards to ensure they are also delivering ‘fair and proportionate’ fees to advice firms. “It’s not just the advisers who have a responsibility to the end client; we all do,” Cathi commented. “Every player in the supply chain must strive to improve client outcomes in line with the principles of Consumer Duty. It’s not something that just sits with the adviser”
Vital discussions are being sparked about the deeper role of compliance providers and the work they are doing to create a culture that is not only transparent but has a big focus on accountability. Cathi continuously challenges the status quo as she has begun urging compliance firms to reassess their pricing structures and service offerings. “Advisers need support that is both effective and accessible,” she said. “It’s both a personal and company mission and so it’s something I’m always pushing with my own teams. By enhancing our own practices, we can truly empower advisers to focus on what they do best – that is serving their clients.”
As an entity, we at Verve are dedicated to supporting a more collaborative approach when it comes to compliance. Cathi’s insights shout about how compliance is not a box-ticking job designed to be overlooked but it’s an essential component of delivering exceptional client service.
Verve stands ready to lead the conversation of the new challenges that the modern-day financial services industry has arisen and continues to try to inspire positive change throughout. ‘Such change will only be achieved with a shared responsibility’ Cathi stated as she called on all industry stakeholders to step up and ensure that the standards of all trusted partners reflect the highest professional ethics, which ultimately will benefit end-clients across the board.
Cathi hosted a webinar on this subject. Click here to catch up. (1 hour CPD).
