The FCA published a speech on Tuesday by Emad Aladhal, director of retail banking, arguing that later life lending could become a “fourth pillar” of retirement funding alongside state, workplace and personal pensions.
Aladhal delivered the speech at the Later Life Lending Summit, telling industry leaders the market needs improvements in product design, advice and consumer trust before it can scale.
“To deepen consumer trust and deliver good outcomes, a joined-up approach across product design, advice, and support is needed,” Aladhal said.
The FCA said only 9% of the roughly 330,000 mortgages advanced to over-55s in 2025 were lifetime mortgages or retirement interest-only products, around 30,000 contracts.
Aladhal said the FCA is consulting on retirement interest-only affordability, will hold workshops this summer on holistic advice, and is conducting a focused market study on the later life mortgage market. He said the regulator would “push forward changes” after the study, but told the industry it must “step forward” or others would define the market’s future.
The same FCA daily alert listed Decision Notices for S and A Cars Limited and Braddons of Plymouth Ltd, plus Final Notices prohibiting Andrew Currie and Peter Currie following fraud convictions linked to Collateral (UK) Limited.
