Greater collaboration is needed to support customers in the later life market, according to David Burrowes (pictured) from the Equity Release Council.
Speaking at FSE London, chairman of the council Burrowes spoke about the progress and challenges in the later life lending market.
Competency and qualifications are important according to Burrowes, with a need for advisers to have a broader view of the later life market.
Burrowes described how drivers for growth in the market included product innovation and solving the UK’s socio-economic challenges.
Equity release lending reached £3.94bn according to Equity Release Council’s spring 2019 market report, with 82,000 customers served.
Burrowes gave an insight into the council’s upcoming autumn report being released imminently, with the report said to focus on product options rising whilst interest rates continue to decline.
The council is developing a competency framework which they hope to release at the end of 2019.
Financial Services Expo (FSE) London is being held today at Old Billingsgate.