Fintel has acquired AKG to further extend its industry-leading portfolio of ratings and reviews for financial services and investment professionals.
AKG is a market leader in the provision of independent assessment and rating of financial strength for a range of entities including life companies, investment platforms and discretionary fund managers in the UK. AKG ratings and reports are made available to advisers and their clients through advice technology, provider channels and directly from the AKG portal.
As the most trusted provider of financial strength ratings in the intermediated financial services market, this deal further extends AKG’s reach to more than 10,000 advisers served by Fintel. The transaction will also enable Fintel-owned Defaqto to further expand and deepen its relationships within the investment management and financial advice communities.
Defaqto provides independent, expert ratings and reviews covering risk, performance, functionality, service, ESG, and the Consumer Duty, which enable IFAs, wealth managers and paraplanners to differentiate between financial products quickly and easily. This purchase extends these capabilities to include the rating and review of the financial strength of financial product providers.
Defaqto will invest in AKG and draw on resources from across Fintel to accelerate distribution of its proposition, both within the sectors that it currently operates and adjacent areas, helping more advisers and their clients to benefit from clear, concise insights about financial strength and their Consumer Duty responsibilities. AKG’s financial strength ratings are already the most widely selected filter in Defaqto Engage, the financial planning tool used by a third of UK IFAs.
Matt Timmins, Joint CEO at Fintel, commented: “I have worked in UK retail financial services for 25 years and throughout that time AKG has been at the forefront of financial strength ratings and consultancy. They help thousands of advisers to provide professional financial advice to millions of consumers and this is a perfect extension to our Fintel tech and services platform.”
Commenting on the purchase, Defaqto CEO John Milliken said: “Defaqto is expanding through a combination of organic growth and acquiring some of the most highly regarded businesses in the industry that have strong adjacencies in terms of capabilities and customers. AKG is a strategically significant acquisition, adding industry expertise, insight and data that is complementary to Defaqto’s. We very much look forward to working with the talented team at AKG to invest in the business and make it an even greater success in the future, enabling more people to make smarter financial decisions.”
Guy Vanner, MD at AKG, said: “We are delighted to become a part of the Fintel family. AKG has specialised in company assessment work for over 30 years and has become synonymous with the assessment of operational financial strength from the perspective of end customers, for use by their advisers. We are now excited to be able to further expand the delivery of our existing and new ratings and reviews to new and existing customers with the assistance of Defaqto and within the broader Fintel group.”