Business
Increased regulation drives demand for Defaqto
Increased regulation drives demand for Defaqto.
About this update from Fintel Plc
[{"type":"text","content":"\n \n \n 19 July 2022\n \n \n \n Fintel plc\n \n \n \n (\"Fintel\", the \"Company\" or the \"Group\")\n \n \n \n Increased regulation drives demand for Defaqto services\n \n \n \n Fintel (AIM: FNTL), the leading provider of Fintech and support services to the UK retail financial services sector, announces that is has expanded key product lines in its research and fintech division, operating under the Defaqto brand, in response to ongoing market demand driven by new regulation.\n \n \n Defaqto, the leading financial information, ratings and fintech business, has seen consistent growth in usage over the last three years for both its Risk Ratings and Investment Reviews.\n \n \n Risk Ratings provide an independent risk mapping of a financial product and enables wealth managers and financial advisers to select suitable investment portfolios for their clients. Due to the growth in regulation and focus on investment suitability, this service has grown to cover over 1,500 financial products. Investment Reviews, which combine qualitative and quantitative analysis of an investment proposition to give intermediaries and consumers further insights at point of sale, has expanded to cover over 400 propositions in response to market demand.\n \n \n The business has also seen greater demand for both its\n Matrix software solution, which enables product providers to assess the competitiveness of a proposition through benchmarking the market, as well as the Star Ratings service, an expert assessment of a product's quality, features and benefits, which is recognised by 75% of consumers.\n \n \n The new era of Consumer Duty and Fair Value pricing is expected to further increase demand for Defaqto services as well of those of sister company, SimplyBiz, who provide regulatory support services to 3000 intermediary firms.\n \n \n \n John Milliken, Defaqto CEO commented:\n \n \n \n \n ''As we enter a new regulatory era of Consumer Duty and Fair Value Pricing, Defaqto is uniquely positioned to support product providers such as banks and general insurers in designing appropriate products and evidencing the suitability and quality of their propositions.\n \n \n With the largest product database in the UK, we're able to provide crucial market insights that allow them to consider consumer suitability during product design, whilst our independent,...