Adviser support services firm SimplyBiz has launched an ongoing review service option to broaden its business consultancy service.

It said the proposition is designed to support advisers through the diagnostic analysis and creation of a compliant ongoing review service.

The option is delivered through a series of consultative sessions and will include an assessment of firms’ charging models, client agreements, and disengagement policies, as well as a review of their monitoring systems and MI readiness, the firm said.

Zayd Ahmad, business consultancy manager at SimplyBiz, said the service had been designed to offer advisers choice in the way they managed their adherence to the regulator’s guidance. 

He said: “The addition of the new business consultancy annual review service means advisers can opt for an approach with more expert, hands-on guidance.

“We wanted to ensure our ongoing services proposition helped the advice firm to not only explore its internal processes and documentation but also feel confident they are meeting the guidelines set out by the FCA in this area.”

SimplyBiz said it offers regulatory and business support to more than 3,000 intermediary firms while providing product distribution support to more than 400 financial institutions.

In April SimplyBiz appointed former M&G Wealth Advice managing director Tom Hegarty as chief executive.

SimplyBiz was founded in 2003 and is owned by Fintech and adviser support services firm Fintel, which also owns Defaqto.

Revenue climbed 21.9% to £68.9m at Fintel in 2024. Despite the revenue rise, pre-tax profits fell from £9.6m in 2023 to £7.7m in 2024 as the firm splashed out £16.6m on four new acquisitions during the year.

SimplyBiz founder Ken Davy was awarded an OBE in the King’s New Year Honours List.