Royal London has joined the Equity Release Council, broadening its later life portfolio.
Royal London provides savings, asset management, and protection products. It now manages over 8.6 million policies and £153 billion in assets.
This comes after it acquired Responsible Group, which expanded its expertise in financial guidance and specialised later life products.
The Responsible Life and Responsible Lending brands offer Royal London expertise in later life products and financial advice for a market with significant growth potential.
The Equity Release Council includes all active lifetime mortgage providers across the UK, Ireland, and Canada, totalling over 750 firms in various sectors.
Members adhere to Council standards for consumer protection, recognised by bodies like the Financial Ombudsman Service and MoneySavingExpert.
Equity Release Council CEO Jim Boyd says: “Equity release and the wider later life lending sector has a huge role to play for many homeowners in the UK. We are therefore delighted Royal London has chosen to join the Council as their presence among our provider and adviser members endorses the belief that, if firms want to offer comprehensive services to older consumers and their families, these products are an essential piece of the jigsaw.
“With over 750 individual member firms, the Council works hard to be a force for good in the market, building strong standards, supporting innovation, and encouraging firms to really consider how they put good customer outcomes at the heart of their organisations.
“There is always more to be done but today it is great to be able to welcome another organisation who recognises the importance of this work and the potential of this vibrant market.”
Royal London customer life stage director Colin Mitchell says: “Following the acquisition of one of the UK’s leaders in later life lending, Responsible Life and Lending, Royal London has joined the Equity Release Council as part of our commitment to this growing market.
“Later life lending is an important part of retirement planning for over 55s and we’re committed to supporting advisers and customers in providing solutions for funding later life.”
