Financial services consultancy, Hymans Robertson, has joined the Equity Release Council (ERC) as a new member.

Hymans Robertson provides services to organisations and individuals across pensions, investments and insurance.

The Council’s membership includes all active lifetime mortgage providers across the UK, Ireland and Canada, among more than 750 member firms which also include financial advisers, solicitors, surveyors and other professionals.

Hymans Robertson’s decision to join the ERC reflects the long-term prospects for growth in the equity release market. While rising interest rates reduced activity last year, advisers expect later life mortgage products to play a key role in many older people’s retirement plans, with the UK’s older population predicted to double in size between 2020 and 2045.

“The desire of consultancies like Hymans Robertson to join our established provider and adviser members shows how important equity release and later life mortgages will be to the future of UK financial services, underpinned by the certainty and security provided by Council standards,” said CEO of the Equity Release Council, Jim Boyd.

“With an ageing population putting pressure on many public services, the private sector and institutional investors have a big role to play in providing innovative ways for people to tap into their property wealth and, in doing so, answer some of the biggest public policy challenges of our times.”

Analysis from the Council has shown there is approximately £1.63trn of equity locked up in property, making the asset class second only to private pensions as a source of wealth in the UK.

Recent FCA analysis also revealed that over 250,000 interest-only or part-interest-only mortgages will reach maturity in three peaks – 2027, 2031 and 2032 – over the next 10 years.

Head of insurance investment and ALM of Hymans Robertson, Nicola Kenyon, added: “There is a huge opportunity and demand for equity release mortgages, including hybrid product innovation to support a comfortable retirement for many customers in the UK.

“We are excited to provide our services to institutional investors, such as insurers and pension schemes, to support their regulatory oversight and to develop new innovative products. We look forward to working with the ERC and their member community in finding ways to help individuals to unlock their property wealth in a safe and appropriate way.”

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