The group said that Fintel has been created to “harness the combined strength and reach of the established businesses within it, including SimplyBiz”, which provides intermediary business support and Defaqto, the research, ratings and fintech business.

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.”

Ken Davy, chairman of Fintel, said: “We have helped our customers operate compliant and successful businesses and worked with them to stay ahead of the curve as the market has rapidly evolved as a result of new regulations and increased digitisation.

“Throughout this period, we have been resolutely future-focused and expanded our reach across retail financial services through organic growth and acquisitions.

“In 2019, we acquired Defaqto and have recently set out an ambitious digital growth strategy for the medium term.

“The time is now right to evolve our corporate brand into Fintel and harness our knowledge, influence and excellence to help the market and our clients operate more effectively and inspire better outcomes for all.”