Legal & General receives lifetime mortgage advice approval

Legal & General has secured the go-ahead from the FCA to launch an advice business for Legal & General Home Finance’s range of lifetime mortgages.

The FTSE 100 company announced earlier this year that it was exploring its options relating to providing in-house financial advice on its lifetime mortgages.

Legal & General Home Finance has already been offering its customers access to advice on equity release products through the advisory firm Key, under the brand name ‘The Retirement Lending Advisers’.

This relationship will continue through any transitional arrangements, and Key will remain an “important strategic partner” for lifetime mortgages, the lender said.

The latest move will create a new business, to be called Legal & General Financial Advice Ltd, which will form part of Legal & General’s growing Retail Retirement division. The new entity will be led by Sara McLeish as CEO, supported by Grant Hughes as managing director. McLeish previously held the position of strategy and commercial director at Legal & General Retail Retirement.

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