Later Life Lending

Later Life Lending

Purpose

The Later Life Lending (LLL) Market is expected to almost double in 10 years. TISAs policy approach aims to convene the industry for greater – holistic – collaboration on key issues impacting the sector, making LLL products and solutions more mainstream for consumers.

Consumer Principles

We believe more can be done by the industry to help consumers draw efficiently upon their housing wealth, in combination with their pension and investment wealth. The Later Life Lending industry in the UK remains very siloed and consumers with pension shortfalls have limited access to the type of holistic financial advice and guidance that they need.

We have set the following 5 consumer principles to guide our Later Life Lending initiative forward:

  1. Clear and transparent information is readily available to consumers on all of the product and service options, along with all relevant fees, charges and costs.
  2. Consumers are encouraged to procure advice (where not mandatory) to help them determine the best product for their needs. Where advice is not sought, the consumer is made fully aware of the consequences and implications.
  3. Consumers are assisted to find the adviser for their needs, offering applicable breadth of services.
  4. Consumers are assisted to ensure the product they have remains suitable for their needs.
  5. All consumers are treated fairly, irrespective of their circumstances and vulnerabilities.

Participating member firms

CEO Advisory Board:

Aegon UK Plc

Aviva Investors

Canada Life Ltd

Key Group

more2life

Nationwide

OneFamily

Phoenix Group

Quilter Financial Planning

St James’s Place Wealth Management

The SimplyBiz Group LTD

Working Group:

Coventry Building Society

Equiniti

Key Group

LV=

Nationwide

Nedbank Private Wealth

OneFamily

Phoenix Group

Quilter Financial Planning

St James’s Place Wealth Management

Target Group

The SimplyBiz Group LTD

Consumer Engagement Groups & Resources

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

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