New equity release provider to launch
Pure Retirement is a sister company to Age Partnership, the retirement specialists, and will offer advisers innovative equity release products to meet the changing needs of today’s consumers.
Following continued growth of the industry, which in Q3 2013 saw the single largest amount of equity released in a single quarter since Q3 2008, the company will use the combined knowledge and expertise of its management team to provide a fresh offering to the market.
Pure Retirement is being spearheaded by managing director Paul Carter who has worked within financial services for more than 30 years, with the last 16 focused within the equity release industry, covering distribution, advice and lending.
His comprehensive experience is drawn from working for some of the largest players in the industry, including being managing director at Cavendish Equity Release until April 2013, sales director – Prudential Lifetime Mortgages from 2010-2013, and previously working in Equity Release at Millfield Partnership (2003-2007)and Norwich Union (now Aviva)(1998-2003).
His leadership is complemented by the highly qualified members of the board, including: Andrew Thirkill (chairman), Jonathan Simpson (financial director), and Tim Loy (non-executive director). Pure Retirement will be making further appointments in 2014.
Pure Retirement has already confirmed its membership of the Equity Release Council and will therefore follow its Code of Conduct.
The company aims to become one of the top three providers in the equity release industry – and believes this can be achieved through its ability to bring new products to market quickly
Carter said: “The equity release market is in good shape, but we believe our launch will provide it with renewed vigour.
“Equity release products are becoming increasingly relevant to today’s retiring population, as traditional forms of retirement finance continue to come up short.
“But in order to adjust to a changing landscape we too must adapt our approach, and this is precisely why we have decided to launch Pure Retirement.
“We believe our fresh approach to the products will make them better suited to meet the needs of consumers.
“We are proud to be the first new provider in the market for more than three years. Although the process of launching a new company such as Pure Retirement is lengthy and complex, we expect to see more providers follow our lead as the equity release market continues to grow.”
Stuart Wilson, managing director, Equity Release Club, added: “From a stable of great pedigree and a management team with experience and a successful track record, they will bring an injection of innovation to the sector.”