Elections have taken place and a new Main Board has been constituted that sees five new directors join the 15-strong team. Below, the 11 non-executive Directors set out some of their reasons for joining the board and their expectations for the sector.
Claire Singleton, CEO at Legal & General Home Finance
“I’m keen to collaborate with the Equity Release Council, other lenders and industry leaders to ensure that the equity release market continues to develop in the best interests of consumers. I’m hoping to help continue the great work of the ERC, LGHF and others in promoting the benefits of equity release, which we believe can play an important role in later-life financial planning. Our aim is to oversee the development of a healthy, successful industry and, ultimately, offer customers more choice by establishing equity release as a mainstream product.”
Dan Baines, Commercial Director at Age Partnership
“By rights, equity release should become a fundamental aspect of later-life financial planning. I believe that, through its work in helping to both protect and educate consumers, the Equity Release Council can play a key role in supporting the sector to achieve this vision. By working with both my existing colleagues on the Council’s Board and our excellent group of newly-elected Directors, I hope that I can play a valuable part in this journey.”
Dave Harris, CEO at More2Life
“I want to see people considering how and if they should use their housing equity in later life as a normal part of their financial planning. I want us to become a box to tick like pensions, investments and other savings. Just something you do! To achieve this, we need advisers to have these conversations with their customers as a matter of course and the entire industry to work together to provide innovation, products and approaches that make this easier.”
Greg Neilson, MD at Aviva Retirement
“There is a huge and increasing need for customers to be able to access their housing wealth to be able to live the retirement they want. The market needs to continue to develop more flexible products so that they appeal to a wider group of potential customers whilst maintaining the rigorous standards the Council has been championing. This will create sustainable growth in the industry and a great outcome for customers.
Matthew Burton, MD Mortgages at Hodge
“I want to continue to help shape the growth of the market to be considered as a mainstream retirement product. We have made great inroads into achieving this goal through lobbying of government and regulators as well as product innovation, and many plans now offer unprecedented levels of flexibility to customers. It’s our responsibility to continue that trajectory – in addition to ensuring adequate adviser support – for the sector to continue its recent period of growth and consolidation.”
Paul Barber, CEO at Retirement Bridge
“To ensure the growth of the Equity Release Council by widening scope across a larger supplier and product base (including more product options that use housing wealth, not just the traditional products), thus giving greater consumer choice whilst maintaining excellent consumer understanding and outcomes established over the long history of the Equity Release Council.”
Paul Carter, CEO at Pure Retirement
“I want to continue to help shape the growth of the market to be considered as a mainstream retirement product. We have made great inroads into achieving this goal through lobbying of government and regulators as well as product innovation, and many plans now offer unprecedented levels of flexibility to customers. It’s our responsibility to continue that trajectory – in addition to ensuring adequate adviser support – for the sector to continue its recent period of growth and consolidation.”
Paul Turner, MD of Retail at Just Group
“More and more people are likely to want to use some of their housing assets to improve their later life or the lives of their families – after all, people aged 55 and above own housing wealth worth over £3.2 trillion in the UK. Recently, we’ve seen providers offer increasingly innovative products which allow advisers to tailor solutions for their individual customers. I’m confident the sector will continue to find new ways to help customers – the Council, and Just, have an essential role to play in making sure those customers continue to enjoy the protections currently in place.”
Tom Evans, MD of Home Finance at Canada Life
“I’m thrilled to join the Board and look forward to contributing further to the industry’s growth. Continuing to educate advisers about the importance of a holistic approach to retirement planning is key this year, as is supporting advisers who want to increase their engagement with the market. Ensuring that the sector meets real customer needs is paramount to Canada Life, so ensuring that the correct regulatory framework is in place to encourage product innovation across the market is vital.”
Vanessa Owen, Vice President of Private Markets UK at America’s Reinsurance Company
“Since joining the sector in 2007 I have observed the market overcome material challenges on the journey towards becoming a mainstream retirement product. As a member of the Board I hope to use the insight I have gained working in all parts of the value chain to support initiatives designed to extend the reach of the market whilst ensuring we do not lose sight of the need to continue to deliver great customer outcomes.”
Will Hale, CEO at Key Retirement
“I would like to see equity release become a normalised part of retirement planning. Housing equity needs to be considered alongside other assets as people look to navigate through later life. Whilst we have moved beyond the label of ‘product of last resort’, too few advisers across both the mortgage and wealth sectors consider equity release when it comes to meeting the needs and wants of their older customers. By moving into the financial services mainstream, not only can equity release help improve the lives of individuals but also it can have positive societal benefits in areas such as inter-generational wealth transfer, supporting the care sector and making properties more environmentally friendly.”
The Council’s main Board is completed by the Council’s executive team: David Burrowes, Chairman; Jim Boyd, CEO; Donna Bathgate, COO, and; Chris Pond, Chairman of the Standards Board. To read more about the Board click here.
