Canada Life has rebranded Retirement Advantage’s Equity Release to Canada Life Home Finance.
It said products and simpler and faster IT enabled services are in development.
Alice Watson, head of marketing and communications at Canada Life Home Finance, said: “Home finance products in the UK are booming.
“The equity release sector is a prime example, as growing numbers of over-55s recognise the valuable role property wealth can play in retirement alongside pensions and other assets. While our name may have changed, our commitment to this exciting sector remains steadfast.
‘Existing customers can rest assured that there will be no change to their products or the service they currently receive.
“Innovation is the key to equity release’s future. Central to our offer is listening to advisers and to customers to develop a product range which meets their evolving needs.
“This approach also includes broader home finance options, such as our over 55 buy-to-let and second homes mortgages. We strive to remain a market leader in home finance products for over-55s.”
David Burrowes, chairman of the Equity Release Council, said: “2018 has seen equity release become an integral cog in the wheel of the later life planning process and, with that in mind, it is a fitting time for Canada Life to formally join the Equity Release Council’s growing membership.
“Canada Life joining the council is also a recognition of our shared commitment to quality standards and builds on Retirement Advantage’s contribution to the market, helping more people explore the potential for housing wealth to meet a variety of financial goals at a time of growing social need.”
Doug Brown, Canada Life UK chief executive officer and executive vice-president, said: “Since combining Canada Life and Retirement Advantage at the beginning of 2018, we have made excellent progress on our objective to integrate our skills and experience and become a leader in the broader retirement income market.
“We have ambitious plans which build on our heritage and strengths across wealth management, protection, retirement income and annuities and we will be launching innovative products and services which meet the evolving needs of intermediaries and their customers.”