A compliance service designed for financial planning firms has been launched.
The service, the creation of adviser management consultancy the Phil Billingham Partnership, aims to bridge a perceived gap between financial planning processes and the practices of compliance consultancies.
Phil Billingham Partnership (PBP) director Phil Billingham said: "One of the clear issues that has arisen from the RDR [Retail Distribution Review] is that the business model that financial planning firms in particular are running and the model that some compliance consultancies are trying to audit, don't match.
"In the past this was merely an irritation. It has now become a real source of frustration, a real business problem in many firms. This service will be run by financial planners, for financial planners."
PBP director Susan Jordan added: "We have been asked for this service by many firms over the last year. We have waited until we had the right resources in place to offer this service."
Chartered and Certified Financial Planner Rachel Birch is joining the company as head of compliance ahead of the launch of the service.
Last year, PBP launched an independence audit for financial advisory businesses, allowing them to 'sense check' whether they meet the requirements for independence.
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