More 2 Life is calling on Philip Hammond to  focus on equity release in his Autumn Statement later this month.

Stuart Wilson, channel marketing director at More 2 Life, said: “We would encourage the Chancellor to use this opportunity to shine a spotlight on retirement lending. The government should move to broaden their outlook, and show increased effort in raising awareness of the retirement lending market in order to educate retirees on the array of options and benefits available.

“The second half of 2016 has seen the Financial Conduct Authority (FCA) show great interest in the equity release market and the noise coming out of the FCA is particularly encouraging. We are seeing tremendous industry support from the regulator, lenders and advisers but in order to reach the consumer we would like to see further support from the government.

“Greater awareness and understanding of the market would help to stimulate wider growth for the financial sector. This increased interest in the later life lending sector would help to ensure further product innovation from lenders to meet the expanding needs of individuals in retirement. The retirement lending sector has a lot to contribute and growth in this market could also lead to economic stimulation more generally.”