Verve has launched a compliance switching service for advice firms, which it said is the first of its kind in the industry.
The service was announced by founder and CEO Cathi Harrison at Verve’s annual Evolution conference.
Harrison said: “In recent years it’s become super easy for people to switch banks or utilities.
“And within finance, we’ve seen a concerted effort to make it easier for clients to switch pensions.
“But it’s difficult for firms to change providers. Compliance is the lynchpin of success for advice firms, but there’s a structural blockage to making a switch. So we’re changing it.”
Harrison added: “A firm should be able to easily switch to any provider they want.”
Verve’s switching service is designed to make the process straightforward from start to finish.
When firms move to Verve for compliance, the company takes care of the transfer, including moving data, resetting policies and updating the audit.
Verve said this removes the time and cost barriers that usually come with switching, and firms do not have to pay twice during the changeover.
The compliance switching service is available through Verve’s in-house platform Dextera, which already allows firms to manage their compliance processes and training through a single dashboard.
John Netting, founder and chief executive at BareRock, said: “We’ve seen firsthand how Verve’s rigorous compliance reviews have benefited our insured firms.
“Having robust independent oversight is crucial for firms like ours to identify potential blind spots, challenge embedded assumptions, and reduce regulatory risks.
“The proactive approach makes businesses more resilient, and better equipped to service customers.”
Lee Waters, CEO at Barwells Wealth, said: “Dextera has completely transformed how we manage compliance.
“No more clunky spreadsheets! With Dextera, compliance is now streamlined and automated. It handles document management and monitoring effortlessly.”
