The Equity Release Council has welcomed Defaqto as its newest member.
Defaqto maintains the UK's largest financial product database and uses proprietary research methodology to produce independent ratings, reviews, insights, and technology for the financial services sector. Its data and analysis are used by advisers, lenders, and consumers to compare products and make informed financial decisions.
The collaboration comes at a time when the later life lending market is set for significant growth. The independent Fairer Finance report estimates that over half of UK households (51%) will need to access housing wealth to support spending in later life, potentially unlocking £23bn annually (in today’s money) by 2040.
Defaqto’s membership will enable it to work closely with the Council’s product design and innovation forums, ensuring its data and Star Rating criteria reflect the latest market developments, and help advisers and consumers navigate a rapidly evolving lending landscape.
Jim Boyd, CEO of the Equity Release Council, 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."
