Will Hale, CEO of Key, responds to the independent report Later Life Lending: Great Expectations, which was commissioned by the Council.

• To read the report click here
• To read the Council’s positioning paper click here

Will said, “The phrase “Great Expectations” is a perfect reflection on the later life lending market at the moment and today’s report – of the same name – provides clear insight into how we make these expectations a reality.

“Government endorsement of the use of housing equity to meet needs in retirement would go a long way towards encouraging both customers – as well as the wider advice market – to give this valuable source of later life funding the consideration it deserves.

“Awareness and education are vital as no one should be worried about making ends meet, supporting family or paying for care while sitting in an asset that is typically worth many thousands more than their pension pot.

“What people want and expect from older age has and is changing so as an industry, we need to reflect on how we can evolve our products and services to better meet people’s needs.

“We must continue to raise advice standards and ensure that we expand our fields of vision beyond the silos in which we operate – including forming referral relationships with trusted specialist partners to ensure good outcomes for all customers.

“This report shines a light on some important areas that the later life lending sector needs to consider and proposes a simple roadmap to address the challenges. Despite the significant positive developments, we have seen in the sector in recent years, as with the rest of financial services as we move to embrace Consumer Duty requirements, we must guard against complacency and simply attempt to justify the status quo. Instead, we need to seize the opportunity to make changes that will ensure the safe growth of later life lending well into the future.”