Brendan Gilligan

Head of Proposition

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Meet our new Head of Proposition: Insights on our Principal product changes

2025-09-08 00:00:00

2024-11-01 00:05:00

Brendan Gilligan

Head of Proposition

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Meet our new Head of Proposition: Insights on our Principal product changes

We spoke with Brendan Gilligan, our new Head of Proposition, to find out more about his role at Royal London Equity Release and to get his thoughts on our latest Principal product adjustments.

Hi Brendan, welcome to Royal London! Can you tell us a little bit about your role and the purpose of the new Proposition Team at Royal London Equity Release?

As Head of Proposition, my role is to ensure our product strategy is shaped by customer needs, adviser insight, and market dynamics. The newly formed Proposition Team at Royal London Equity Release is focused on delivering thoughtful, well-designed enhancements that improve outcomes for customers and advisers alike. We're here to ensure our offering remains competitive, relevant and aligned with Royal London’s purpose.

Why have we decided to introduce the Principal product enhancements at this time?

Drawdown is a well-established feature in the equity release market, and its absence in our Principal product has limited our ability to meet the needs of a significant portion of customers. By introducing drawdown alongside a reduction in early repayment charges (ERCs) from 10 to 7 years, we’re not only closing that gap but also strengthening our competitiveness. These enhancements reflect our long-term commitment to the equity release market and our ambition to support more customers with flexible, transparent solutions.

How will customers benefit from the enhancement of the Principal product?

Customers will benefit from greater flexibility and control. The drawdown facility allows them to access funds in stages, helping to manage interest costs and preserve equity. The reduced ERC period offers more freedom if their circumstances change, supporting better financial planning and peace of mind.

How will advisers benefit from the enhancement of the Principal product?

For advisers, the combination of drawdown and shorter ERCs improves suitability and widens the pool of eligible customers for the Principal product. It also enhances the adviser experience by aligning our product features with market expectations and simplifying conversations around long-term planning.

How will these changes align with Royal London’s wider goals and purpose?

As a mutual, Royal London exists to serve its members, not external shareholders. That means our decisions are driven by providing long-term value and delivering positive customer outcomes. The same ethos is driving the changes to Royal London Equity Release products, supporting our purpose of helping people build financial resilience in later life. They also demonstrate our commitment to the equity release market and our belief in its role within holistic retirement planning.

What key points would you want advisers to take away from this crucial update?

Drawdown is now available on the Principal product, making it more flexible and competitive.

• ERCs have been reduced to 7 years, benefiting customers who choose to service the interest on their loan, make larger repayments, or potentially redeem their loan earlier if their circumstances change.
• These changes reflect Royal London’s long-term commitment to the equity release market and its mutual values.
• Our upgraded Broker Portal makes it easier to do business with us, streamlining case management and improving the overall adviser experience.

How do you think these enhancements will help Royal London Equity Release grow over the next year? Are there plans for any further enhancements?

Over the next 12 months, we’ll continue to review and expand our product range, with further enhancements across both proposition and operations. Our goal is to deliver meaningful improvements that support advisers and customers alike, and we’re excited about what’s to come.

Thank you, Brendan!

To find out more about our enhanced Principal product, download our product guide today.