Royal London has completed the acquisition of later life lending and product specialists Responsible Life and Responsible Lending, the life, pensions and investment mutual has announced.

Its acquisition builds on Royal London’s existing 40 per cent stake in the business.

Royal London said the purchase would enable the company to increase support for the Responsible Group in delivering later-life solutions and scale the provision of later-life lending in the market.

Commenting on the completion of the deal, Responsible Group chief executive officer, Carlton Hood, said he was “delighted” that the acquisition had been concluded.

“As we embark on the next chapter, Responsible will benefit from being part of the UK’s largest life, pensions and investment mutual,” Hood stated.

“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.”

The acquisition was first announced in November 2023, with Royal London group chief executive officer, Barry O’Dwyer commenting at the time: "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.”

Responsible executive chair and co-founder, Steve Wilkie, 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.”

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