Pure Retirement has become the latest firm to join Criterion’s Equity Release Governance Group.

The lender has joined nine other organisations that oversee the development and evolution of equity release standards for market API data integration.

Criterion operates as a not-for-profit body that works with stakeholders to deliver the standards for process and data integration within UK financial services, including the API designs for equity release sourcing and quotes.

The governance group serves as an effective forum for members to engage in collaborative efforts with other industry stakeholders. Criterion suggested that by fostering a collaborative environment, market stakeholders can work together so that needless friction is minimised, creating a more competitive marketplace.

Head of product at Pure Retirement, Chris Buchanan, said: “The use of standardised APIs is essential to seamlessly deliver products, the very latest prices, and quotes to advisers. We already have an extensive range of APIs in place, with all major sourcing platforms, but look forward to working with other equity release lenders, sourcing platforms and technology providers to develop wider industry standards.”

Managing director at Criterion, Billy Burnside, added: “We are pleased to welcome Pure Retirement to Criterion’s Equity Release Governance Group, and applaud it for committing to overseeing and shaping the Standards, alongside other governance group members, for the benefit of the whole industry.

“Criterion has been delivering standards through collaboration for over 30 years and is therefore, uniquely positioned to support and manage the collective interests of the industry. Our governance process brings together communities that rely on our standards to identify emerging change and development needs, establish what they mean for API integration, agree timelines for delivery, and achieve adoption.”

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