Royal London, recognised as the UK’s largest mutual in life, pensions, and investments, today confirmed its full acquisition of later life lending specialists, Responsible Life and Responsible Lending, pending regulatory consent. This move increases Royal London’s share from an existing 40% to full ownership.
Established in 2010, the Responsible Group has become a frontrunner in the later life mortgage brokerage and lending sector. This acquisition is a strategic step for Royal London, aiming to bolster Responsible Group’s capacity to innovate in later life financial solutions and escalate their service offerings in an anticipatedly expanding market.
Barry O’Dwyer, group chief executive officer of Royal London, said: “This acquisition underscores our commitment to advisers and clients in the later life funding arena. We’re optimistic about this market’s growth potential, offering retirees, particularly those with considerable property assets but limited pension funds, diverse financial options for their later years. Given the complexities of later life lending, our focus is on ensuring access to high-quality advice for customers considering home equity solutions.”
Carlton Hood, chief executive officer for the Responsible Group, added: “Joining forces with Royal London is a significant milestone for us. It promises greater stability and support in aligning pension and property wealth considerations for both advisers and clients. Our goal is to provide an enhanced suite of later life lending solutions, catering to the diverse retirement needs of our clients and supporting the advisers who guide them.”
