CML to investigate lending into retirement
The lender trade body said it is pursuing four main strands of work: on consumer demand and the needs of older people, the types of products that could successfully meet demand, the impact of developments like pension reform, and how regulators and government will view this evolving market.
A spokesman from the CML said: “In March, director general Paul Smee set out his views on the challenges in this area, and how developments like pension reform and demographic changes associated with the UK’s ageing population had made retirement borrowing an important agenda for our times.
“We believe that the lending industry should play a central role in shaping the debate on this topic.
“Our members are already making a significant contribution to our work, and we are planning to widen the debate to ensure that others with an interest in the topic will have the opportunity to participate.”
The CML said it aims to set out its views more fully on the future potential of retirement borrowing before the end of the year.