The fintech and support services business said it had evolved to become Fintel to ‘harness the combined strength and reach of the established businesses within it’. These businesses include SimplyBiz and Defaqto, the research, ratings and fintech business.

The launch of Fintel represented the company’s expanding role to help product providers, intermediaries and consumers navigate the increasingly complex world of retail financial services.

Fintel helps product providers to build better products through its market insights and analysis, product design, and product research and comparison tools.

It enables intermediaries to serve more clients, more effectively, with its product research and comparison database, financial planning and advice workflow software, and compliance, business and regulatory support.

Through Defaqto, Fintel helps consumers to make better informed choices, providing product education and comparison tools, product reviews and expert ratings.

Matt Timmins, joint CEO of Fintel, said: “In a new era of financial services, fuelled by heightened regulatory scrutiny and increasing digital adoption, we have evolved to become Fintel.

“As we accelerate our reach with a digitised offering, we will continue to work in the best interests of the market to connect and enable product providers, intermediaries and consumers. We are committed to offering market-leading technology, expertise and insights, underpinned by a drive to simply and improve retail financial services.

“The established brands within Fintel combine the UK’s largest provider of support services to financial intermediaries with the UK’s leading financial information, ratings and fintech business.

“It is our ambition to give the market the insights, interconnectivity and support it needs to adapt and evolve to its greatest potential.”