SPRY FINANCE JOINS THE EQUITY RELEASE COUNCIL

Dublin-based Spry Finance has joined the UK-based Equity Release Council as its newest affiliate member, making it the first Irish firm to sign up to the trade body.

Spry Finance is part of the Irish-owned Seniors Money Group, which has over 15 years of experience providing lifetime loans to more than 30,000 customers across the globe, including Ireland, Spain, Australia and New Zealand.

The Council’s work is recognised across Europe as playing a vital role in the development of best practices and standards, which have contributed to the emergence of a dynamic, safe and sophisticated market for equity release in the UK.

Joining the Council demonstrates Spry’s commitment to consumer protections and customer service which are embodied by Council standards, and provides further recognition of the organisation’s vital role as the later life lending market and products continue to evolve.

With the addition of Spry Finance, the Council now has 754 member firms, up 1.8% compared to August, and 1,900 individuals registered. All members agree to uphold the Council’s rigorous standards, rules and guidance in addition to their regulatory responsibilities. The Council’s members include product providers, financial advisers, solicitors, surveyors and other market professionals encompassing every aspect of the customer journey.

Equity release products have remained competitive in the higher interest-rate environment and continue to offer borrowers the security of fixed or capped interest rates for life, alongside the option to make voluntary repayments with no risk of repossession.

The socio-economic factors for releasing equity, which include increasing longevity and the pensions saving gap, are predicted to result in growing demand for access to property wealth from older consumers.

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

“We welcome Spry Finance’s decision to join the Equity Release Council, whose standards underpin the UK market, which is considered to be the most sophisticated internationally.

“All advanced major economies are facing the same challenges from rapidly ageing population and inadequate retirement savings. We are committed to working with Spry and our wider membership to ensure equity release products are safe, flexible and reliable at a time when they are an increasingly important feature of every adviser’s financial planning toolkit.”

John Moriarty, CEO of Spry Finance, said:

“As the sole provider of equity release products in the Irish market, we are well aware of both the opportunity for growth and the importance of ensuring good outcomes for every customer. Membership of the Council will allow us access learnings and experience that will be helpful to us as we continue to develop and implement our strategies for product development, for marketing and communication and for industry-leading customer service and management.”

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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 Spry Finance

Spry Finance, launched in 2021, is the retail arm of Seniors Money, an Irish-owned lifetime loan provider that has been operating successfully in Ireland since 2006 and has more than €400m of assets under management across its lending and servicing platform, and loan portfolios. The company is regulated by the Central Bank of Ireland and is authorised by the CBI as a Retail Credit Firm. It is fully-funded by a number of major international financial institutions including Canada Life Reinsurance. Spry Finance is a customer-focused company, providing older people with real options for living a greater life in later life. Keep up to date with Spry Finance news.

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