Defaqto has launched this year’s star ratings, to help advisers and their clients assess the quality and comprehensiveness of the features that insurance and protection policies, current accounts, credit cards and investment products offer.
To help get an idea of where a product sits in the market, they give each a rating of one to five, across more than 60 categories, including general insurance, life and protection, self-invested personal pension plans, and investments.
Brian Brown, head of insight and consulting, pointed out that the ratings are completely independent and the firm never knowingly excludes a product.
“For each product or insurance policy we assess between 40 and 100 features or benefits as well as the terms and conditions.
“People should think about what they need and then buy a product that meets their requirements. It can have serious consequences when, for example, you take out an insurance policy and find that you’re not covered when you’re in an emergency.”
On the intermediary side, this time last week Defaqto provided Institute of Financial Planning advisers with lists of questions to support their fund-related due diligence process.
The first in the series is a factsheet on multi-asset funds which helps advisers identify fund types they may want to consider.
peter.walker@ft.com
