The mutual already held a 40% stake in Plymouth-based Responsible.

The cost of the full acquisition has not been disclosed.

Responsible Group was founded in 2010 and is engaged in later life lending in the UK, usually seen as part of the equity release or lifetime mortgage sector.

The group includes Responsible Life, a later life mortgage broker, and Responsible Lending, a later life mortgage lender.

Royal London says the deal will enable it to support Responsible to expand in the later life market which Royal London believes will grow.

Royal London group CEO Barry O’Dwyer said the deal opened new opportunities.

He said: “This transaction strengthens our support for advisers and customers as they look for solutions in funding later life needs. We believe this market has a lot of potential as it offers customers additional choices at retirement, especially those who have property wealth but insufficient pension savings to support their desired standard of living. 

“Later life lending is complex by nature and requires specialist advice. Royal London is keen to play a role in ensuring high quality advice is an accessible option for those who would benefit from accessing the equity in their home.” 

Carlton Hood, CEO of the Responsible Group companies, said: “I am delighted that the Responsible companies are becoming part of the Royal London Group, and will benefit from the stability of being part of the UK's largest life, pensions and investment mutual.

“We will work with colleagues at Royal London to bring the consideration of pension wealth and property wealth together for advisers and clients, and to ensure the advisers we support, and the customers they serve, are able to access the best range of later life lending solutions for their retirement needs.”  

Royal London has assets under management of £153 billion, 8.6 million policies in force and 4,100 employees.