Verve has launched a new service designed to make it easier for financial advice firms to switch compliance providers.
Unveiled today (9 September) at Verve’s annual Evolution conference, the service aims to remove the friction often associated with changing compliance partners.
Inspired by the simplicity of switching banks or utilities, Verve founder and CEO Cathi Harrison said the new offering addresses a long-standing industry challenge.
“Compliance is the lynchpin of success for advice firms, but there’s a structural blockage to making a switch,” she said.
“A firm should be able to easily switch to any provider they want.”
When firms move to Verve for compliance support, the company manages the entire process, including data transfers, policy resets and audit updates.
The intention is to ensure no break in service and avoid duplicate costs during the transition.
The service will be delivered through Verve’s in-house technology platform, Dextera, which also supports ongoing compliance management and team training.
First launched in 2019, Verve’s compliance proposition is known for offering guidance, monitoring and support to help advisers meet regulatory requirements and manage risk.
John Netting, CEO of BareRock, said: “Verve’s rigorous compliance reviews have helped our insured firms identify blind spots and reduce regulatory risks. Their proactive approach builds resilience.”
Lee Waters, CEO of Barwells Wealth, added: “Dextera has completely transformed how we manage compliance. No more clunky spreadsheets. Compliance is now streamlined and automated.”
The switching service is expected to roll out in the coming months.
