One of the UK’s largest independent financial services consultancies, Hymans Robertson LLP, has joined the Equity Release Council as a new member.

Hymans Robertson is an independent partnership, helping to build better financial futures for millions of people across the UK. They provide services to organisations and individuals across pensions, investments and insurance.

Its decision to join the Council reflects the long-term prospects for growth and innovation in the market, which was among the fastest-growing in retail financial services in the decade leading up to the Covid-19 pandemic.

While rising interest rates reduced activity last year, lifetime mortgages and related later life mortgage products are widely expected to play a key role in many older people’s retirement plans. The UK’s older population is predicted to double in size between 2020 and 2045.

The Council’s analysis shows there is approximately £1.63 trillion of equity locked up in property, making this asset class second only to private pensions as a source of wealth in the UK. The opportunity to release funds to help more people enjoy a comfortable retirement is likely to drive more interest from institutional investors as well as from individual consumers.

Recent FCA analysis shows over 250,000 interest-only or part-interest-only mortgages will reach maturity in three peaks (2027, 2031 and 2032) over the next ten years. Repayment deadlines are likely to prompt some customers to consider switching to lifetime or later life mortgages as a way to remain living in their homes.

The Council’s membership includes all active lifetime mortgage providers across the UK, Ireland and Canada, among more than 750 member firms which also include financial advisers, solicitors, surveyors and other professionals.

Jim Boyd, CEO of the Equity Release Council, said:

“The desire of consultancies like Hymans Robertson to join our established provider and adviser members shows how important equity release and later life mortgages will be to the future of UK financial services, underpinned by the certainty and security provided by Council standards.

“With an ageing population putting pressure on many public services, the private sector and institutional investors have a big role to play in providing innovative ways for people to tap into their property wealth and, in doing so, answer some of the biggest public policy challenges of our times.”

Nicola Kenyon, Head of Insurance Investment and ALM of Hymans Robertson, said:

“There is a huge opportunity and demand for equity release mortgages, including hybrid product innovation to support a comfortable retirement for many customers in the UK. We are excited to provide our services to institutional investors, such as insurers and pension schemes, to support their regulatory oversight and to develop new innovative products. We look forward to working with the ERC and their member community in finding ways to help individuals to unlock their property wealth in a safe and appropriate way 

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About the Equity Release Council

The Equity Release Council is the representative trade body for the UK equity release sector with more than 750 member firms and 1,900 individuals registered, including providers, funders, regulated financial advisers, solicitors, surveyors and other professionals.

It leads a consumer-focused UK based equity release market by setting authoritative standards and safeguards for the trusted provision of advice and products. Since 1991, more than 650,000 homeowners have accessed £46bn of property wealth via Council members to support their finances.

The Council also works with government, voluntary and public sectors, and regulatory, consumer and professional bodies to inform and influence debate about the use of housing wealth in later life and retirement planning.

About Hymans Robertson LLP

Hymans Robertson LLP is one of the UK’s leading independent financial services and pensions consultancies. We work alongside employers, trustees and financial services institutions, offering independent pensions, investments, benefits and risk consulting services, as well as data and technology solutions.  The firm operates as an independent partnership employing over 1000 people in four UK offices in London, Glasgow, Edinburgh and Birmingham. We pride ourselves on our trusted relationships and our innovative, client focussed approach. Our clients include FTSE 100, FTSE 250 and privately owned firms as well as employers, pension providers, insurance firms, banks and Independent Financial Advisers.  These include some of the UK’s leading names and largest pension schemes. We are also recognised leaders in the field of public sector pensions. The firm was established in 1921.

For more information:

Visit www.equityreleasecouncil.com

Email Instinctif Partners at [email protected]

Phone Libby Wallis and Andy Lane on +44 (0) 207 457 2020