Royal London has acquired later life lending and product specialist Responsible Life and Responsible Lending (Responsible Group) for an undisclosed sum.
The purchase builds on the firm’s 40% stake in the Responsible Group and will enable Royal London to deliver later life solutions and scale the provision of later life lending.
Barry O’Dwyer, chief executive at Royal London, said: “This transaction strengthens our support for advisers and customers as they look for solutions in funding later life needs. We believe this market has a lot of potential as it offers customers additional choices at retirement, especially those who have property wealth but insufficient pension savings to support their desired standard of living.
“Later life lending is complex by nature and requires specialist advice. Royal London is keen to play a role in ensuring high quality advice is an accessible option for those who would benefit from accessing the equity in their home.”
To read more on this topic, visit: Royal London makes senior hire as it eyes up private markets
Carlton Hood, chief executive for the Responsible Group, added: “We will work with colleagues at Royal London to bring the consideration of pension wealth and property wealth together for advisers and clients, and to ensure the advisers we support, and the customers they serve, are able to access the best range of later life lending solutions for their retirement needs.”
