Legal & General managing director for retail retirement Lorna Shah, has become the head its Home Finance division, which she will carry out alongside her leadership of the financial services group’s annuities business.  

The move will see current Home Finance chief executive Craig Brown switch to the role of chief operating officer of the group’s retail division.  

The financial services group says: “Lorna has had in-depth experience of Home Finance in her previous role as chief financial officer of Legal & General retail retirement, and as a member of the Home Finance board.   

“Lorna will play a key role in leading the Home Finance business in its mission to transition later life mortgages into mainstream retirement planning and driving more integration between the annuities and Home Finance businesses.”  

Brown, who joined L&G in 2012, has held several senior commercial and operational roles across the group during that time.   

He will take on responsibility for operations across retail protection, annuities, workplace savings and Home Finance.   

The business adds: “Craig brings a wealth of experience, including a strong mix of strategic thinking, commercial experience, customer focus, agile experience, innovation, and great people leadership.”  

Legal & General Retail chief executive Bernie Hickman says: “The changes I have announced today set us up to accelerate the growth of our business and deliver the best outcomes for our retail customers, helping them navigate through challenging economic times and providing them with peace of mind that they are being looked after by a trusted brand.”  

“Joining up our businesses to create a single customer service and engagement platform is a key part of our customer-centric vision for the retail division.”  

Hickman adds: “As a leading provider of savings, protection, and retirement products, we remain focused on helping our customers manage their assets and income to achieve their life goals.   

“Whether that is helping to protect their income when life gets tough, grow their savings to enjoy retirement or accessing housing equity to supplement retirement savings.  

Last month, the equity release market suffered a “turbulent” 12 months with plan sales and drawdowns falling while new lending tumbled 62% to £2.1bn, a report from Key outlined.  

Later life lending was hit by “base rate rises and the aftershocks of the September 2022 mini-Budget”, according to the lender’s Equity Release Market Monitor 2023.