Ratings and data firm Defaqto has added seven new categories to its annual Star and Diamond ratings published this month.

It has released its 2019 Star Ratings for products in the wealth, protection, general insurance and banking sectors and Diamond Ratings for funds and fund families.

New ratings categories include MPS Direct, MPS on Platform, Cash Plans and Investment ISAs. 

The company says that more than 60 experts have independently researched and analysed more than 43,000 financial products, funds and fund families for the ratings.

For general insurance, banking, protection and wealth a Star Rating indicates the quality and comprehensiveness of the product.

A Diamond Rating marks the performance and competitiveness of funds and fund families in key areas such as cost, scale, accessibility and manager longevity.

Star and Diamond Ratings are unbiased and based on facts, not opinion, says Defaqto. 

For Star Ratings 14,000 products are rated across over 90 areas from critical illness to life assurance and drawdown to auto-enrolment.

For 2019 new Star Ratings for Health Care Cash Plan, Health Care Cash Plan (Corporate), Stocks and Shares ISA (Self-select), Equine Insurance and Bicycle Insurance have been included for the first time.

The ratings are published annually in February each year.

Star Ratings and Diamond Ratings are available to view and use in Defaqto’s Financial Planning solution for advisers, Engage.

Defaqto has also released its annual Service Ratings which are available via Engage. An adviser survey was used to award Service Ratings of Gold, Silver or Bronze.