Royal London, the UK’s largest life, pensions and investment mutual, has become the latest major later life brand to join the Equity Release Council.

The financial services group has over 8.6 million policies in place and over £153 billion assets under management, placing it among the world’s 25 biggest mutuals. Royal London’s proposition spans protection, long-term savings and asset management products and services to help safeguard and improve living standards for its customers and their families.

Royal London’s confirmation as a Council member follows its acquisition of Responsible Group which it completed at the end of January, expanding its existing stake in the business.

The Responsible Life and Responsible Lending brands give Royal London access to specialist later life product development and financial advice capabilities in a market which it sees as having significant long-term growth prospects.

The Council counts all active lifetime mortgage providers across the UK, Ireland and Canada among its membership. The organisation brings together more than 750 firms in total spanning the product manufacturing, financial advice, legal, surveying and consulting communities.

All members adhere to Council standards for consumer protection, which are recognised as a mark of good practice by influential bodies such as the Financial Ombudsman Service and consumer champions including MoneySavingExpert.

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

“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.”

Colin Mitchell, customer life stage director at Royal London, said:

“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.”

ENDS

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 Royal London

Royal London is the largest mutual life, pensions, and investment company in the UK, and in the top 25 mutuals globally, with assets under management of £153 billion, 8.6 million policies in force and over 4,100 employees. Figures quoted are as at 30 June 2023.

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