Later Life Lending

Improve consumer outcomes when procuring guidance, advice and product solutions on ways to use their housing wealth to fund their later life costs – retirement and care

Industry challenge

With the UK’s ageing demographic, more and more consumers will be entering retirement without the necessary pension and investment wealth to fund their lives into later life. Accessing housing wealth is invariably going to become a requisite option for consumers and a number of inefficiencies need to be dealt with to ensure consumers are able to access the right product through the right advice channels for their needs.

Group purpose

The Later Life Lending industry is currently very fragmented when it comes to the products and advice propositions that are available. Housing wealth needs to sit alongside other staple sources of wealth (pensions and investments) in the minds of consumers.

Areas of focus

  • convene the industry for greater – holistic – collaboration on key issues impacting the sector, making LLL products and solutions more mainstream for consumers

Group strategy

Goal/s:  Ensure consumers are: 1) given the understanding of the role that their housing wealth can play in funding their retirement and care needs – alongside their pension, savings & investments and housing wealth; and 2) have clear access routes to relevant guidance and advice to help them choose a suitable Later Life Lending Solution.

Strategy: a) Improve industry standards and safeguards; b) encourage greater role be taken by the pension and investment industry to help consumers with a need to access their housing wealth; c) solve regulatory inefficiencies; d) improve access routes to guidance and advice for consumers.

Participating member firms

Aegon UK Plc

Aviva Investors

Aviva UK Insurance

Canada Life Ltd

Key Group

LiveMore Capital Limited

more2life

Nationwide

OneFamily

St James’s Place Wealth Management

The SimplyBiz Group LTD

Prakash Chandramohan,
Strategic Policy Director leads on this work at TISA

If you are a TISA member, and would like to get involved with Later Life Lending, please get in touch

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