Meet Vicky Pearce, founder of B-Compliant

Running your own business can be incredibly challenging. When you then have to include any regulatory obligations and ensure you meet Consumer Duty standards, it becomes even tougher.

That’s where B-Compliant comes in.

Founded in 2018 by Vicky Pearce, the Manchester-based compliance firm specialises in providing first-class compliance and regulatory advice and assistance that’s tailored around each client.

Having worked in financial services for more than 25 years, including 15 years in compliance, Vicky decided to set up B-Compliant. She felt that clients weren’t being given the level of support they needed and wanted to offer more.

She says: “Having been an adviser during my career, I knew what clients were looking for and the support they needed. However, I didn’t feel like either the industry or the consultancy firm I worked for was providing that.

“At B-Compliant, we are involved in everything, providing our clients with a more comprehensive service. We don’t just hand them the paperwork and leave them to deal with everything themselves. We provide ongoing support throughout – provided they need it, of course.”

Perfectly positioned to fill a gap in the market

B-Compliant has found a perfect position to fill a gap in the market, offering trusted and relied-upon compliance to small and large financial advice firms alike.

Vicky says: “We fill the gap perfectly between small and large firms. Compliance has a lot of touchpoints, whether it’s training, marketing, HR and recruitment, or compliance in general.

“Some of our clients prefer us to just be a light touch and offer them a safety net.

“Others, including new start-ups, require us to provide complete compliance monitoring that includes regular data reviews, investment committee meetings, and ongoing discussions over how to meet Consumer Duty regulations.

“We help our clients truly understand their compliance demands and devise procedures that are specifically tailored to their firm.”

Offering tailored advice and a truly personalised service

Everyone at B-Compliant prides themselves on the service provided to each client, working hard to deliver truly personalised and bespoke compliance services.

Vicky says: “Once we’ve worked with clients for a while and have a truly one-to-one relationship, we know how they operate and can say to them ‘Given you currently do this, you need to think about this…’

“We offer tailored advice and a truly personalised service that is based around them. Every client has a dedicated consultant and a point of contact who knows their business. It’s all backed up by a second consultant, too.

“Once we’ve developed a relationship with them, we feel like we are a member of their team.”

Playing a vital role in the M&A sector

With the FCA paying even greater attention to price and value, it’s more important than ever for financial advice firms to focus on the service they provide. Doing so can also help both potential acquirers and sellers during the sale process.

Vicky explains: “Due diligence is helpful for anyone looking to acquire a business. Put simply, the stronger the level of compliance shown by the potentially purchased firm, the less the risk for an acquirer.

“However, it needs to be worthwhile compliance. As an example, when carrying out due diligence for one of our clients, we found evidence of various compliance plans for the firm they were looking to acquire. However, although there were multiple plans, they weren’t being followed.

“Likewise, ensuring full compliance also plays a vital role in helping to sell your business. If you can provide complete evidence showing how you’ve focused on compliance and met any regulations, you’ll be a more acquirable and desirable target for buyers.”

Concerns over the future of the financial advice industry

With the implementation of artificial intelligence (AI) and the FCA making it increasingly challenging for financial advice firms to be authorised, or registered with them, Vicky believes there are likely to be massive changes in the financial advice sector in the coming years.

Vicky says: “In my opinion, there will be fewer financial advice firms in the future. While there will be bigger firms, there will be fewer of them.

“The firms that embrace technology and utilise it will be the ones that will be shooting upwards in trajectory. There are still some firms that operate on paper, rather than electronically. Firms like these could be heavily impacted by the implementation of technology and AI.

“Similarly, with Consumer Duty in mind, we may see more openness in sharing charging structures online or in their marketing material. That wouldn’t have been the case years ago.

“Firms will then be paying more attention to what their competitors are doing and there may be a lot of price comparisons being undertaken.”

The Exit Partnership have a huge role to play

Vicky believes that the upcoming changes to the industry will make services offered by The Exit Partnership even more important.

She says: “With the average age of advisers around 56, we are likely to see plenty of firms being sold or exited in the years to come.

“While some may want to have an internal takeover, the majority will be looking to move on and away from the industry. Indeed, around 10% of financial advisers are currently considering leaving the sector, partly because of Consumer Duty.

“Owners of financial advice firms are also incredibly protective of their clients. So, making sure that they find the most suitable buyer, not only for them and their business but also for their staff and clients, is crucial. That is where The Exit Partnership play such an important role.”

Get in touch

If you’re looking to sell your business, we’ll provide you with honest and comprehensive support throughout. We’ll help you find the right buyer for your business, give you that peace of mind that you need, and help make the transition as smooth as possible. Email hello@melo.co.uk or call 0113 4656 111.