More 2 Life has introduced a new payment process so it can now pay advisers the commission due from a completed loan within seven days, which it claims is faster than any other lender in the market.

The new development means that for any cases that complete on a Monday, Tuesday or Wednesday, the adviser can expect to receive a payment into their bank account by the following Monday, whilst for cases that complete later in the week the commission will be received by the following Wednesday.

Dave Harris, managing director of More 2 Life, said: “Whilst the equity release market continues to grow rapidly, this would not be possible without advisers and the vital role they play in the industry. We want to make sure that our advisers feel truly valued, and have therefore invested in modern technology that will allow them to be paid for their work in days, rather than weeks.

“This latest improvement demonstrates our commitment to advisers and recognises the hard work they do when guiding clients on their retirement needs.

“This new payment system will enable us to forge closer working relationships with advisers. It is important that we as lenders continue to drive innovation in the equity release sector as we strive to provide a wider choice for advisers and a better outcome for consumers.”