CEO highlights the importance of facing conversations around later life lending
The Equity Release Council, in collaboration with the Association of Mortgage Intermediaries (AMI), has announced the inaugural Later Life Lending Summit, scheduled for November 19, 2024, at Cutlers’ Hall in Sheffield.
The event marks a continuation of the discussions initiated at the Equity Release Adviser Summit held in Manchester last November, which successfully attracted over 200 attendees.
With the theme “uniting for later life advice,” the summit aims to provide a platform for advisers already engaged in the sector as well as those interested in expanding their business offerings. Participants will have the opportunity to enhance their knowledge and tackle the challenges facing the industry through structured workstreams that also offer accredited Continuing Professional Development (CPD) hours.
Jim Boyd (pictured), CEO of the Equity Release Council, expressed enthusiasm for the new initiative, stating, “Later Life Lending is becoming an increasingly prominent topic of discussion as more customers need support with these choices and advice firms debate how they can best serve their needs.”
He emphasised the summit’s role in fostering broader conversations about the complexities of later life lending while enhancing networking opportunities among attendees.
Industry insights from key organisations
The event will feature speakers from key organisations, including the Financial Ombudsman Service, the Money & Pensions Service, and the Consumer Duty Alliance.
Robert Sinclair, CEO of AMI, highlighted the summit’s importance in the context of the new Consumer Duty regulations, stating, “The inaugural Later Life Lending Summit will bring together all aspects of the mortgage industry to discuss how we ensure that in the new Consumer Duty world, all firms work to ensure customers get the solution appropriate to them as they age.”
Sinclair noted that as the role of homeownership evolves, the industry must adapt to provide personalised support for all borrowers.
Leading sponsor Adlington Law, a firm specialising in legal support for older clients, also underscored the significance of the summit. Carol Nuttall, managing director, stated, “I am proud to be the lead sponsor at the Later Life Lending Summit this year as it provides an excellent opportunity to bring the whole industry together. Specialist legal advice can play a significant role in supporting older borrowers as they navigate the various later life lending options available to them.”
The Equity Release Council is the representative trade body for the UK equity release market, advocating for standards that ensure consumer protection. Its plans include safeguards such as a no negative equity guarantee, fixed or capped rates for life, the right to port, the right to make overpayments, and secure tenure for life, all supported by mandatory independent legal advice.
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