Support services provider SimplyBiz Group has appointed former Financial Conduct Authority technical specialist Rory Percival to oversee compliance on its centralised investment proposition (CIP) offering.
Percival (pictured) will sit on the investment committee for the newly created Centra with responsibility for external governance as well as compliance.
The service will offer CIPs to SimplyBiz members. It is designed alongside Defaqto Engage.
Centra's committee will be chaired by SimplyBiz Investment Services managing director Dan Russell. Other members include Defaqto's head of insight and consulting, Pan Andreas, and SimplyBiz compliance director Gary Kershaw.
Centra, powered by Defaqto Engage, is available at no additional cost to firms already working with SimplyBiz. It offers financial planning, integrated product research and suitability reports within a single system. Ken Rayner of research firm Rayner Spencer Mills will offer review and monitoring services.
Percival said: 'Making suitable investment recommendations and having a robust advice process that justifies those recommendations remains one of the biggest challenges faced by advisers.
'Centra provides a good framework to assist advisers in tackling these challenges in an efficient way.'
The committee will be responsible for designing the strategic asset allocation within the service, along with monitoring and reviewing investment solutions within the CIP.
Committee chairman Dan Russell said: 'Centra has been very well received by advisers, with over 700 firms signing up for the service in the three weeks since we announced the impending launch.
'The calibre of the professionals who will be working on behalf of those firms on this Investment Committee is second to none and I am confident that the Centra proposition will become a core part of our members’ toolkit.'
SimplyBiz is reportedly eyeing another initial public offering (IPO) worth £150 million, Reuters reported last week.