Newlife granted FCA permission to administer regulated mortgages

Newlife has been granted full permission by the Financial Conduct Authority to administer regulated mortgages from completion to redemption.

Related topics:  Mortgages
Amy Loddington
31st July 2013
Mortgages

The lender will now operate as a full service provider in the retirement market by administering as well as funding, lifetime mortgages, home reversion plans and other retirement mortgages.

Investment from its board has allowed Newlife to strengthen its internal systems to support this broader in-house offering. A new administration department will manage regulated mortgage loans while the compliance department has also been reinforced by the appointment of Rajiv Agarwal as Compliance Director.

Rajiv has over 30 years of experience in banking and financial services and has been responsible for regulatory compliance for both international and private banks as well as non-bank lenders and consumer credit institutions.

He has overseen compliance for Newlife since 2009 and will now sit on the board alongside founding shareholders and executive directors Peter Turley and Peter Lucas.

Newlife was founded in 2003 and rapidly grew its market share, capital and profitability.  With funding available from a diverse range of financial institutions, its products are available to consumers through regulated intermediaries.

The business has strong distribution links with over 700 advisory firms including 1,700 registered introducers, and revolving warehouse facilities for loans totaling almost £40m.

Peter Lucas, Chief Executive of Newlife, commented:

“The equity release market is experiencing a surge of interest as people consider a range of financial products to support them in later life. Investing in our internal capacity means Newlife can now offer a broad, holistic service that makes arranging and administering mortgages simple and straightforward for intermediaries and consumers alike.

“The scope of Newlife’s products has grown significantly since 2003 to help consumers facing a wider range of circumstances as they approach and enter retirement.  We have also seen plenty of changes in the wider financial services industry and we are delighted to welcome Rajiv onto the board to help steer the next phase of our development.

“His appointment shows the strength of our commitment to meet – and exceed – the expectations and standards set out by the FCA.  We are optimistic that equity release products have much to offer for an increasing number of people and the business is now in a very strong position to support the market’s growth.”

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