The Association of Mortgage Intermediaries (AMI), Building Societies Association (BSA), Equity Release Council (ERC), UK Finance and The Investing and Saving Alliance (TISA) have published a leaflet on later life lending.
The leaflet covers information on all the relevant later life products and advice currently on offer, and aims to help ensure consumers receive consistent messages from all the main sectors of the industry in a clear format.
AMI said this should make it easier for consumers to find the most suitable later life lending products and advice, and to more clearly understand what their next steps are.
Each trade body will promote this information through their physical and digital channels.
They intend for this to be a step towards more collaboration across the industry for the benefit of consumers.
Dave Harris, chief executive of more2life, said: “As the chair of the UK Finance Later Life Lending Committee, I would like to welcome this guide as well as the collaboration between these leading trade bodies.
“Putting good consumer outcomes at the heart of what we do is how the industry operates and providing an informative unbiased guide that ensures customers feel confident when they start looking into their options clearly highlights this.
“The later life lending market is a vibrant and growing sector which supports millions of people and their families across the UK.
“We need to continue to work together to ensure that people can access the right support for their individual circumstances.”