Defaqto maintains the UK’s largest financial product database and uses proprietary research methodology to create independent ratings, reviews, insights and technology for the financial services sector.
Its membership with the council will allow it to work closely with its product design and innovation forums, and ensure that its data and Star Rating criteria show the latest market developments and help advisers and consumers navigate the later life lending landscape.
The firms said the collaboration comes at a time when the later life lending market is “set for significant growth”, with the independent Fairer Finance report showing that over half of UK households will need to access housing wealth to support themselves in later life, potentially needing to unlock £23bn per year by 2040.
Jim Boyd, CEO of the ERC, said: “We welcome Defaqto as a new member of the council. Their expertise in product intelligence and independent ratings will help ensure equity release products remain transparent, competitive, and aligned with consumer needs. This collaboration will support our shared goal of upholding high standards in this important sector.”
Katie Brain, insight consultant for banking at Defaqto, added: “The Equity Release Council is integral to the later life lending market, so it makes perfect sense for us to join. We’re excited to contribute, particularly in forums dedicated to product design and innovation. By ensuring our data and Star Rating criteria reflect the latest developments, we can help advisers and consumers make smarter financial decisions.”
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The ERC recently launched an international forum and brought on PriceHubble as a member.
