01/02/2024
The Royal London Mutual Insurance Society Limited (Royal London), the UK’s largest life, pensions, and investment mutual has completed the acquisition of the later life lending and product specialists Responsible Life and Responsible Lending (the ‘Responsible Group’).
This acquisition builds on Royal London’s existing 40% stake in the business and enables the company to increase support for the Responsible Group in delivering innovative later-life solutions and scale the provision of later-life lending in what it believes will be a growing market.
Carlton Hood, Chief Executive Officer for the Responsible Group companies, added:
“I am delighted that the acquisition of Responsible by Royal London is now complete.”
“As we embark on the next chapter, Responsible will benefit from being part of the UK’s largest life, pensions and investment mutual.”
“Looking ahead, we will be working closely with our colleagues at Royal London to bring the consideration of pension wealth and property wealth together for advisers and clients, and to ensure the advisers we support, and the customers they serve, have access to the most comprehensive range of later life lending solutions tailored to meet their retirement needs.”
Steve Wilkie, Executive Chairman and co-founder of the Responsible Group companies, comments:
“It's been an extraordinary privilege to collaborate with an outstanding team, whose unwavering dedication has played a pivotal role in propelling Responsible's growth, firmly establishing its position as a leading force in the later-life lending sector.”
“Now that my co-founder, Paul Starkey, and I have handed over the reins to Royal London, we are genuinely excited to witness the ongoing evolution and success of the company under their capable stewardship.”
Jonny Stevens, Rhizome Media Group
Email: jonny@rhizomemediagroup.com
Mobile: 07977 119579
Responsible Lending was founded to satisfy a gap in the market for an innovative lender that focuses on the issues faced by those aged 55 and over. The newspapers are full of examples of lifelong customers who, after reaching a certain age, are treated as no more than a current account by their bank. We’ve built an exceptional lending platform designed from the ground up for the 55+ customer. Our highly experienced management team have designed products that take into account extensive market research on what our customers actually want.
Responsible Life is a specialist in later-life lending, having helped over 500,000 people decide if releasing their equity is the right decision. Founded in 2010, the Responsible name was chosen to highlight our obligations and duty of care to customers throughout their lifetime — evidenced by our gold standard for advice, with comprehensive suitability reviews in 100% of cases. As the first to introduce a service including all of the later life lending product types available to over-55 mortgage clients, Responsible has positioned itself as a consumer champion dedicated to finding the right solution for customers. Our expansive nationwide coverage and informative, educational approach to advertising ensure our customer demographic has access to the advice and solutions they need.
Royal London is the largest mutual life, pensions and investment company in the UK, with assets under management of £147 billion, 8.7 million policies in force and over 4,200 employees. Figures quoted are as at 31 December 2022.
Royal London Equity Release is a trading name of Responsible Lending Limited. Responsible Lending Limited uses the trading name “Royal London Equity Release” associated logo and relevant trademarks under licence from Royal London Marketing Limited. “Royal London”, the “Royal London” logo and “Royal London Equity Release” are registered trademarks of The Royal London Mutual Insurance Society Limited. Royal London Marketing Limited and The Royal London Mutual Insurance Society Limited do not provide or administer equity release products or any products offered by Responsible Lending Limited. Responsible Lending Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference 763158. Registered in England and Wales number 09801855. Registered office: Princess Court, 23 Princess Street, Plymouth, PL1 2EX.