Legal & General has secured approval from the Financial Conduct Authority (FCA) to launch a lifetime mortgage advice business.
The advice business, entitled Legal & General Financial Advice, will be for L&G Home Finance’s range of lifetime mortgages.
It will form part of Legal & General’s retirement division and will be led by Sara McLeish as chief executive supported by Grant Hughes as managing director.
McLeish was previously strategy and commercial director at Legal & General Retail Retirement.
This comes after the firm said it was exploring its options to providing in-house financial advice on its lifetime mortgages back in April.
Legal & General Home Finance Limited has been offering its customers access to advice on equity release products through Key, under the brand name The Retirement Lending Advisers (TRLA).
This relationship will continue through any transition arrangements once the new advice business has been launched.
Legal & General have added that Key will remain an important strategic partner for the lifetime lender.
Legal & General said it will also continue to work closely with its other intermediary partners in the lifetime mortgage market to improve access to and raise awareness around later life lending.