Royal London has been announced as the latest member to join the Equity Release Council (ERC).

The group has over 8.6 million policies in place and over £153bn 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.

The firm’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.

Both the Responsible Life and Responsible Lending brands have given 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 ERC brings together more than 750 firms in total spanning the product manufacturing, financial advice, legal, surveying and consulting communities.

“Equity release and the wider later life lending sector has a huge role to play for many homeowners in the UK,” CEO of the ERC, Jim Boyd, said. “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.”

Customer life stage director at Royal London, Colin Mitchell, added: “Following the acquisition of one of the UK’s leaders in later life lending, Responsible Life and Lending, Royal London has joined the ERC 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.”

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