Nigel Waterson, Chairman of the Equity Release Council, says:

“We look forward to welcoming Legal & General to the equity release market following its acquisition of Newlife, which is itself a valued and longstanding provider member of The Council. It is no secret that some major high street names have been considering a move into equity release, which will give the sector an additional boost following a record £1.4bn of lending activity last year.

“There is great potential for equity release to help ever more people to find financial comfort in retirement. Legal & General’s recent report on the UK housing crisis* called for more big lenders and institutions to join the market, and its decision to take the initiative is another significant milestone in the growth of equity release. We anticipate that Legal & General will provide valuable support alongside our existing members to build the profile of equity release, as well as extending consumer choice and protection.”

-ENDS-

* Legal & General, UK housing crisis report 2014

For further information, please contact:

• Andy Lane or Victoria Heslop, The Wriglesworth Consultancy, on 020 7427 1400 or email: [email protected]

Nigel Waterson is also available for further comment.