Prudential withdraws from equity release

The insurer will stop writing new lifetime mortgage business but it has pledged to continue to service its 14,000 existing customers. It hopes to redeploy the 100 affected staff to other parts of the business. Prudential is the latest in a long list of equity release providers to pull out of the market. Coventry Building Society, Saffron Building Society and Northern Rock have all withdraw from the sector in recent months. The decision leaves Aviva, Just Retirement, and LV= as the main players in the market. Barry O'Dwyer, director of retail life and pensions at Prudential, said it be...