Royal London has become the latest later life brand to join the Equity Release Council (ERC).

Royal London’s confirmation as a council member follows its acquisition of Responsible Group which it completed at the end of January, expanding its existing stake in the business.

The Responsible Life and Responsible Lending brands give Royal London access to specialist later life product development and financial advice capabilities in a market which it sees as having significant long-term growth prospects.

The ERC brings together more than 750 firms in total spanning the product manufacturing, financial advice, legal, surveying and consulting communities.

All members adhere to council standards for consumer protection, which are recognised as a mark of good practice by influential bodies such as the Financial Ombudsman Service and consumer champions including MoneySavingExpert.

ERC chief executive Jim Boyd commented: “Equity release and the wider later life lending sector has a huge role to play for many homeowners in the UK. We are therefore delighted Royal London has chosen to join the council as their presence among our provider and adviser members endorses the belief that, if firms want to offer comprehensive services to older consumers and their families, these products are an essential piece of the jigsaw”.

He added: “With over 750 individual member firms, the Council works hard to be a force for good in the market, building strong standards, supporting innovation, and encouraging firms to really consider how they put good customer outcomes at the heart of their organisations.

“There is always more to be done but today it is great to be able to welcome another organisation who recognises the importance of this work and the potential of this vibrant market.”