Hymans Robertson has become a member of the Equity Release Council.
Hymans says the move is consistent with the company’s emphasis on long-term market expansion and innovation, especially in light of the UK’s rapidly growing senior population. It says that with around £1.63 trillion of equity tied up in property, the potential for releasing funds through equity release products is significant, attracting interest from institutional investors and individual consumers alike.
The Council, which has more than 750 member companies, includes financial advisers, solicitors, surveyors, and other professionals in addition to all currently operating lifetime mortgage providers in the UK, Ireland, and Canada.
Equity Release Council CEO Jim Boyd says: “The desire of consultancies like Hymans Robertson to join our established provider and adviser members shows how important equity release and later life mortgages will be to the future of UK financial services, underpinned by the certainty and security provided by Council standards.
“With an ageing population putting pressure on many public services, the private sector and institutional investors have a big role to play in providing innovative ways for people to tap into their property wealth and, in doing so, answer some of the biggest public policy challenges of our times.”
Hymans Robertson head of insurance investment and ALM Nicola Kenyon says: “There is a huge opportunity and demand for equity release mortgages, including hybrid product innovation to support a comfortable retirement for many customers in the UK.
“We are excited to provide our services to institutional investors, such as insurers and pension schemes, to support their regulatory oversight and to develop new innovative products. We look forward to working with the ERC and their member community in finding ways to help individuals to unlock their property wealth in a safe and appropriate way.