Criterion joins the Equity Release Council

Criterion delivers standards for data integration and is set to work with key stakeholders in the equity release market to define standards for APIs that meet the needs of the market. It will take on the stewardship of API standards for equity release quotes and KFIs, initially created by Iress.

Criterion already manages a suite of 81 standards for API design and implementation, covering integration points between organisations in the protection, pensions, retirement and investment sectors.

The latest addition to the Equity Release Council marks a strong period of growth, which over the last three years has seen individual membership increase by 50% to more than 1,500. Meanwhile, the number of firms signed up to the representative trade body has almost doubled during this period to pass 600.

Billy Burnside, managing director of Criterion, said: “We see membership of the Equity Release Council 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 Equity Release Council as it continues to lead the way in developing the highest standards of consumer-focused advice. We are looking forward to benefitting from the ongoing support the Council provides to the industry. We draw on a long history of delivering standards and governance – since 1989, so are well positioned to help Equity Release participants. Criterion is uniquely positioned through its independence and levels of experience, to support and manage the overall collective interests of a group of industry organisations, who recognise the value from third-party governance on cross-industry initiatives. We have been testing the proposition with key supporters and further develop our understanding of current market integration activity.”

Jim Boyd, CEO of the Equity Release Council, said: “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.”