Air has announced its Comprehensive Conversations Manifesto has passed 550 signatories.
The manifesto has received a groundswell of industry support from several major lenders, brokers, and networks, including Aviva, Stonebridge and The Right Mortgage and Protection Network (TRMN), reflecting the wider market’s support for the Comprehensive Conversations movement and a commitment to the standards it recommends.
The signatories will promote Air’s list of customer service recommendations, called ‘Safer Tracks’, to their broker membership. The recommendations seek to support advisers and clients in navigating the complexities of the mortgage market, changing regulations, evolving product options, affordability challenges, and income analysis.
The Comprehensive Conversations Campaign crucially aims to raise awareness of a new demographic of customers, many of whom will carry mortgage debt into retirement. The traditional equity release market, consisting of homeowners aged over 55 who choose to unlock equity from a property to fund discretionary spending, will continue to exist. However, a new demographic of customers is emerging, many of whom will likely purchase a property later in their lives than previous generations. As a result, more borrowers will rely on the support that the continuum of lifetime lending can provide them in managing debt on a fixed retirement income.
The manifesto outlines new best practices to ensure networks, brokers, and lenders can adapt to the market shift and provide dependable guidance to the new demographic while continuing to service the traditional equity release customer.
The full manifesto can be viewed and signed here, for any parties interested in supporting this new perspective for the UK later life sector.
Paul Glynn, CEO at Air, commented:
“In a short time, the Comprehensive Conversations Campaign has taken huge strides, and our momentum is still building. Today’s milestone has a special resonance. Let there be no doubt: mortgage networks are the central nervous system of our industry. If a piece of information is worth knowing, then it should circulate into the wider market through these organisations.
“The market is splitting into two core demographics: the traditional equity release customer, and the new generation of homeowners who may depend more highly on later-life products to manage their mortgage repayments into retirement and need greater support navigating the right options for their specific needs. Networks, lenders, and brokers alike must work in lockstep to ensure that our market can accommodate the increasingly diverse profiles of later-life lenders and meet each lender with tailored advice and expert guidance at each point of the process.”
Gavin Earnshaw, Operations Director at Stonebridge, said:
“Brokers are working tirelessly to guide customers through a complex market, but it’s vital that firms stay up to date on regulatory changes. As a major network, we felt a responsibility to lead by example. The Comprehensive Conversation movement will galvanise lenders, brokers, and networks alike to continually educate themselves on their sector; this will enhance the customer service experience and deliver better outcomes. We are proud to be a signatory of Air’s Comprehensive Conversations manifesto, which has set a new benchmark for outstanding customer service in a rapidly changing industry.”
Victoria Clark, Head of Equity Release at TRMN, said:
“The later-life lending market is evolving, and networks cannot step away from the challenge. Networks must collaborate to ensure brokers can access to the most effective sourcing and tech tools, while complying with Consumer Duty on every step of the way. The Comprehensive Conversations manifesto and Safer Tracks have laid down the groundwork; now is the time for us to build a better industry, together.”
