The acquisition will build on Royal London’s existing 40 per cent stake in the business and will allow the company to “increase support for the Responsible Group in delivering innovative later life solutions and scale the provision of later life lending in what it believes will be a growing market”.
The company confirmed its plans to buy Responsible Group at the tail-end of last year, with Royal London saying at the time that the move would strengthen its support for advisers and customers looking for later life solutions.
Equally at the same time, Responsible Group said that the acquisition would help integrate pension wealth and property wealth for advisers and clients.
Responsible Group includes later life lender Responsible Lending and later life adviser Responsible Life.
Carlton Hood, group chief executive officer, Responsible, said: “I am delighted that the acquisition of Responsible by Royal London is now complete. As we embark on the next chapter, Responsible will benefit from being part of the UK’s largest life, pensions and investment mutual.
“Looking ahead, we will be working closely with our 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, have access to the most comprehensive range of later life lending solutions tailored to meet their retirement needs.”
Steve Wilkie, executive chairman and co-founder, Responsible, added: “It’s been an extraordinary privilege to collaborate with an outstanding team, whose unwavering dedication has played a pivotal role in propelling Responsible’s growth, firmly establishing its position as a leading force in the later-life lending sector.
“Now that my co-founder, Paul Starkey, and I have handed over the reins to Royal London, we are genuinely excited to witness the ongoing evolution and success of the company under their capable stewardship.”
