The compliance business, part of The Verve Group, said it wanted to help businesses come into compliance naturally and give the best advice possible. He added that a more positive culture would engender trust in financial services in general.
He said his decision to provide access to his software for the whole of 2022 for £1 a month was proof of his commitment.
Advisors will be able to register for the Apricity (Lite) service and access a comprehensive compliance calendar to manage regulatory responsibilities throughout the year; a CPD tool, easily importable or exportable to other tools, including CII and CISI; its comprehensive knowledge base, providing access to a wide range of training materials and materials, all of which can be automatically linked to the CPD tool; and access to business and advice templates, including suitability report templates and associated advice.
It applies to one adviser per firm – the others will be charged the corresponding rate.
Verve Group Chief Executive Cathi Harrison said the mission within the group is to empower and empower advisory firms: “We want to play an active role in changing financial services and creating a profession whose we’re all proud. And we’re not afraid to put our money where our mouth is to do that.”
Harrison added that conversations and headlines about compliance often focused on fearmongering “using regulation as a brutal tool to instill fear in businesses and threats of FCA crackdowns, as a way to scare them away.” cause them to spend more on their compliance”.
She added: “Reading about compliance firms and product providers entering into ‘distribution deals’ feels so ‘ick’. And so the 1990s. Why are advisors still treated like a commodity of this way? The inducement ban was created for a reason – are we protecting the end customer?”
Harrison also said “nit-picking” is a compliance issue, where companies actively try to find issues and problems as a way to justify fees, “creating a negative cycle and association with compliance.”