Support services provider Verve has launched the industry’s first compliance “switching service” designed to make switching providers easier.
The new service means that for firms switching to Verve for compliance, Verve will move data, reset policies and update the audit.
For advice firms, it means no break in service and not having to pay twice during service overlap, the firm said.
Cathi Harrison, founder and CEO of Verve, commented: “In recent years it’s become super easy for people to switch banks or utilities. But it’s difficult for firms to change providers.
“Compliance is the linchpin of success for advice firms but there’s a structural blockage to making a switch. So we’re changing it. A firm should be able to easily switch to any provider they want.”
The new offering is the latest version of Verve’s evolving compliance service, launched in 2019, to help financial advisers meet regulations, manage risks and maintain professional integrity by providing guidance monitoring and support.
The switching service will be available through Verve’s in-house technology platform Dextera.
John Netting, founder and CEO of BareRock, says of the service: “We’ve seen firsthand how Verve’s rigourous compliance reviews have benefitted our insured firms.
“Having robust independent oversight is crucial for firms like ours to identify potential blindspots, challenge embedded assumptions and reduce regulatory risks. The proactive approach makes businesses more resilient and better equipped to service customers.”
The switching service will be rolled out in the coming months.
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