FCA approves expansion of Newlife’s mortgage services
Newlife has now been granted full permission to administer regulated mortgages from completion to redemption.
The lender will now operate as a full service provider in the retirement market by administering as well as funding, lifetime mortgages, home reversion plans and other retirement mortgages.
Peter Lucas, chief executive of Newlife, said:“The equity release market is experiencing a surge of interest as people consider a range of financial products to support them in later life.
“Investing in our internal capacity means Newlife can now offer a broad, holistic service that makes arranging and administering mortgages simple and straightforward for intermediaries and consumers alike.”
Investment from Newlife’s board has allowed the firm to strengthen its internal systems to support this broader in-house offering.
“A new administration department will manage regulated mortgage loans while the compliance department has also been reinforced by the appointment of Rajiv Agarwal as compliance director.
Agarwal has overseen compliance for Newlife since 2009 and will now sit on the board alongside founding shareholders and executive directors Peter Turley and Peter Lucas.
Lucas said: “His appointment shows the strength of our commitment to meet – and exceed – the expectations and standards set out by the FCA.
“We are optimistic that equity release products have much to offer for an increasing number of people and the business is now in a very strong position to support the market’s growth.”