The governance and services body is set to take on the stewardship of application programming interface (API) designs for the equity release quotes and key facts illustrations (KFIs) originally designed by Iress.

It will work with other players in the industry to come up with new standards for APIs to “meet the needs of the market as a whole.”

Criterion managing director Billy Burnside comments: “We see membership of the ERC as a sign of our commitment to this important market in supporting its aims and philosophy. Where we feel we can add value, we would also welcome the chance to participate in forums.

In the other markets that we operate in, we pride ourselves on working with regulators, relevant industry bodies and membership organisations. For example, on our STAR (shaping recognised, industry-wide standards to promote good practice in transfers) project, we work with the FCA, DWP, Investment Association, The Pensions Regulator and others.

“We are proud to become part of the ERC as it continues to lead the way in developing the highest standards of consumer-focused advice.”

And ERC chief executive Jim Boyd adds: “We are pleased to welcome Criterion to the council’s membership and applaud its commitment to helping industry partners work together efficiently and effectively to meet consumer needs.

“Innovative use of technology and data will play an important role in providing products and services to a growing customer base, as more people consider the role of property wealth alongside pensions, savings and investments to help fund later life.”