Legal & General has secured approval from the Financial Conduct Authority (FCA) to launch an advice business for Legal & General Home Finance’s range of lifetime mortgages.
This follows L&G’s announcement earlier this year that it was exploring its options with regards to providing in-house financial advice on its lifetime mortgages.
Legal & General Home Finance Limited has been offering its customers access to advice on equity release products through Key, under the brand name “The Retirement Lending Advisers” (TRLA). This relationship will continue through any transition arrangements once the new advice business has been launched and Key will remain an important strategic partner for the lifetime mortgage lender.
Legal & General will also continue to work closely with its other intermediary partners in the lifetime mortgage market to improve access to and raise awareness around later life lending.
The new business, Legal & General Financial Advice Limited, will form part of Legal & General’s rapidly growing Retail Retirement division and will be led by Sara McLeish as CEO supported by Grant Hughes as managing director. McLeish previously held the position of strategy and commercial director at Legal & General Retail Retirement.