TIDMFNTL
Fintel PLC
19 July 2022
19 July 2022
Fintel plc
("Fintel", the "Company" or the "Group")
Increased regulation drives demand for Defaqto services
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.
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.
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.
The business has also seen greater demand for both its 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.
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.
John Milliken, Defaqto CEO commented:
"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. 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, expert Ratings and Reviews help to educate
intermediaries and consumers in assessing the appropriateness of a
product at point of purchase.
"We expect this demand to continue with the incoming Consumer
Duty Regulation driving an increased focus on product fit and
consumer outcomes, and as we continue to develop the insights and
solutions the market needs, we are well positioned for future
growth."
Defaqto was acquired by Fintel in 2019 to support the group's
rapid digitisation as it focuses on developing insight and data led
services such as the 'Managed Distribution Service' - a first of
its kind subscription-based service spanning research, data, and
distribution which has contributed to the increasing levels of
recurring revenues generated by the Company (SaaS and subscription
revenues represented 66% of core revenues in 2021).
The continued demand for Defaqto's research services further
underpins current strategic growth plans of the Group. Fintel
intends to publish a pre-close announcement ahead of the
publication of its interim financial results in September.
ENDS
For further information, please contact:
Fintel plc via Instinctif Partners
Matt Timmins (Joint Chief Executive Officer)
Neil Stevens (Joint Chief Executive Officer)
David Thompson (Chief Financial Officer)
Zeus (Nominated Adviser and Joint Broker) +44 (0) 20 3829
5000
Martin Green
Dan Bate
Investec Bank (Joint Broker) +44 (0) 20 7597 5970
Bruce Garrow
David Anderson
Harry Hargreaves
Instinctif Partners (Financial PR) +44 (0) 20 7866 7887
Mark Walter fintel@instinctif.com
Joe Quinlan
Notes to Editors
Fintel is the UK's leading fintech and support services
business, combining the largest provider of intermediary business
support, SimplyBiz, and the leading research, ratings, and Fintech
business, Defaqto.
Fintel provides technology, compliance and regulatory support to
thousands of intermediary businesses, data and targeted
distribution services to hundreds of product providers and empowers
millions of consumers to make better informed financial decisions.
We serve our customers through three core divisions:
The Intermediary Services division provides technology,
compliance, and regulatory support to thousands of intermediary
businesses through a comprehensive membership model. Members
include directly authorised IFAs, Wealth Managers and Mortgage
Brokers.
The Distribution Channels division delivers market Insight &
analysis and targeted distribution strategies to financial
institutions and product providers. Clients include major Life
& Pension companies, Investment Houses, Banks and Building
Societies.
The Fintech and Research division (Defaqto) provides market
leading software, financial information and product research to
product providers and intermediaries. Defaqto also provides product
ratings (Star Ratings) on thousands of financial products.
Financial products are expertly reviewed by the Defaqto research
team and are compared and rated based on their underlying features
& benefits. Defaqto ratings help consumers compare and buy
financial products with confidence.
For more information about Fintel, please visit the website:
www.wearefintel.com
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END
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