Veracity Asset Transformation has set up a business forum to allow better communication between the FSA and consultancy firms supporting advisers transitioning to the RDR.
The Business Transformation Forum will meet quarterly to discuss issues that arise as advisers transition to the RDR, and aims to help the FSA check the progress that is being made by advisers en route to QCF level four.
Veracity chief executive John Baxter (pictured) says: “We are in what will be the most crucial year in determining whether firms accustomed to delivering the commission-based transactional model will be able to make the transformation to the post RDR fee-based model successfully.”
Baxter is concerned that firms, rather than individual advisers, will be the ones that struggle in the lead-up to the RDR deadline.
He adds: “If you look at the amount of advisers taking their professional exams it gives confidence that some of the most pessimistic reports will have been unfounded. The same cannot be said about the progress being made at firm level to change the business model.”
Baxter led a management buyout of Veracity from Macquarie Group for an undisclosed sum in January.
Macquarie announced it was closing Veracity and its UK wrap platform in November.