Royal London has acquired the stake it did not already own in later life lender the Responsible Group to take full control of the business.  

The pensions and investment mutual gains the Responsible Life and Responsible Lending brands of the mortgage broker and lender for an undisclosed fee.  

Royal London already had a 40% stake in the group, which was founded in 2010.   

The mutual says the move will allow the business to “scale the provision of later life lending in what it believes will be a growing market”.   

Royal London group chief executive Barry O’Dwyer says: “This transaction strengthens our support for advisers and customers as they look for solutions in funding later life needs.   

“We believe this market has a lot of potential as it offers customers additional choices at retirement, especially those who have property wealth but insufficient pension savings to support their desired standard of living.   

“Later life lending is complex by nature and requires specialist advice. Royal London is keen to play a role in ensuring high-quality advice is an accessible option for those who would benefit from accessing the equity in their home.”  

Responsible Group chief executive Carlton Hood adds that the business “will benefit from the stability of being part of the UK’s largest life, pensions and investment mutual.   

“We will work with colleagues at Royal London to bring the consideration of pension wealth and property wealth together for advisers and clients, and to ensure the advisers we support, and the customers they serve, are able to access the best range of later life lending solutions for their retirement needs.”    

The deal is subject to regulatory approval.