Among the lines being expanded or launched by the Fintel-owned firm are:

• Risk Ratings

• Investment Reviews

• Consumer Duty-related services

Defaqto says it has seen consistent growth in usage over the last three years for both its Risk Ratings and Investment Reviews. 

Risk Ratings provide independent risk mapping of financial products for advisers to select suitable investment portfolios for their clients. The service now covers 1,500 financial products.  

Investment Reviews provide qualitative and quantitative analysis of an investment proposition and now cover over 400 propositions. 

The firm says it has seen greater demand for its Matrix software solution, which enables providers to assess the competitiveness of propositions in the market, as well as the Star Ratings service, an assessment of a product’s quality, features and benefits.

The firm says it expects the “new era of Consumer Duty and Fair Value pricing” to further increase demand for its services.

John Milliken, Defaqto CEO, said: "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. 

“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 (formerly SimplyBiz) in 2019.