Commenting on the publication of the FCA’s Discussion Paper on the future of the mortgage market today (25 June 2025), Pete Maddern, Managing Director of Retirement, Canada Life said:
“Property is often the single largest asset for those approaching or at the point of retirement. With more people living longer and many under-saving into pensions, it’s vital that housing wealth becomes a core part of financial planning for later life, alongside pensions and other savings.
Canada Life’s own data reveals an increasing proportion of people releasing equity to cover day-to-day living costs from Q1 2024 to 2025, suggesting there is a growing reliance on property wealth to meet essential needs in retirement. In addition, equity release is also commonly used to fund aspirations such as home improvements, gifting to family, or even supporting long-term care.
It’s encouraging to see the FCA recognise the positive role that the later life lending industry can play in providing financial stability and flexibility in later life. As customer needs continue to evolve, now is the time to rethink the regulatory framework to break down silos and enable truly joined-up, holistic retirement planning.”
