Air Later Life Academy (LLA) is suspending its monthly membership fees for firms during the Coronavirus lockdown period.

The suspension of fees for the later life commercial and training organisation is being jointly funded by two corporate Air LLA Ambassador firms, Canada Life and more2life, and will take effect from May through to a point when face-to-face business processes can resume.

Air LLA said the suspension of fees would support nearly 400 current member firms but would also be applying the offer to any new firms who now applied for full Academy membership.

The Academy said by doing this it was seeking to support existing members’ cashflow, plus it would help all those firms who wanted additional support, training and exclusive commercial terms during the Coronavirus crisis.

Stuart Wilson, CEO of AIR Group, said: “We have taken this decision to suspend fees in light of the current situation all our member firms are facing. While we acknowledge that Academy membership fees is not the biggest of financial burdens, we wanted firms to know we stand shoulder to shoulder with them through these challenging times.

“As two of our corporate Ambassador firms, Canada Life and more2life have been keen to find ways of helping our members and we are incredibly grateful for their support here. All our Ambassadors are working hard to ensure advisers have all the latest information delivered to them through the Academy and we will continue to offer the very highest levels of resource and help to both existing and new members.”

“In such unprecedented times it’s vital to show our support to later life advisers,” said Alice Watson, head of marketing, insurance, Canada Life.

“Consumers, now more than ever, need access to highly qualified and regulated advice and I’m pleased that by supporting AIR LLA we can help ease the financial pressure for member firms and their advisers.”

Dave Harris, CEO at more2life, added: “While the later life lending market has fared better than the mainstream residential market, we know that many advisers are concerned about the future of the businesses they have worked so hard to build.

“As a lender, we wanted to put our ‘money where our mouth was’ and look for ways in which we can support the wider adviser community. We are therefore delighted not only to be AIR Ambassadors but to be able to work with Canada Life to meet the cost of the Academy membership fees.”