The Verve Group has called upon “every player” in the advice supply chain to improve client outcomes in line with consumer duty, warning that the responsibility does not just sit with advisers.
The Verve Group CEO and founder Cathi Harrison has emphasised the need for a collective commitment to uphold professional standards throughout the entire supply chain.
Harrison said support service providers, particularly those in the compliance space, must elevate their standards to ensure that they deliver “fair and proportionate” fees to advisers.
“It is not just the advisers who have a responsibility to the end client; we all do,” she said. “Every player in the supply chain must strive to improve outcomes in line with the principles of the consumer duty. It’s not something that just sits with the adviser.”
Harrison has urged compliance firms to reassess their pricing structures and service offerings. She said advises need support that is both effective and accessible.
“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,” said Harrison.
The Verve Group is calling upon all industry stakeholders to step up and ensure that the standards of all trusted partners reflect the highest professional ethics.
Harrison added: “Such change will only be achieved with a shared responsibility.”
