The Equity Release Council has announced the appointment of two independent non-executive directors (NEDs), Barry Meeks and Mike Hughes, to join its leadership team and steer the growing organisation into its second decade.
The pair will work alongside the Council executive and member firms to ensure responsible stewardship of the organisation’s consumer standards and shape its strategic plans as equity release continues to take a broader role in later life financial planning.
Their appointments follow the 30th anniversary of the equity release consumer standards¹ and mark a decade since the Council was formed to broaden the work of its predecessor body, Safe Home Income Plans (SHIP), by overseeing the full consumer journey and representing the industry in its entirety.
Both NEDs bring significant industry experience to the Council. Meeks has held NED and chief executive roles at a host of organisations in mortgages, banking and retail financial services including Legal & General Home Finance, Homeloan Management Ltd, Tenet Group and Pink Homeloans alongside challenger banks, peer-to-peer lenders and technology providers. He is a chartered director and a fellow of the Institute of Directors since 2015.
Hughes is an experienced executive director and NED with expertise in developing regulated product provision and advice businesses to deliver improved customer outcomes, including launching an equity release proposition for Legal & General Bank which became part of Northern Rock. His career has included senior roles at HL Partnership, Dudley Building Society, Aegon and Castle Trust. He is also a NED and trustee of Youth Adventure Trust, a charity supporting vulnerable young people.
The pair join the Council at a time when the equity release market is experiencing growing consumer demand, with over 47,300 new or returning customers using equity release products to access their property wealth in H1 2022, an increase of 28% year-on-year. These customers have released £3.1bn of money from their homes while retaining ownership and the right to remain there for life, with additional Council-backed protections shielding them from rising interest rates or negative equity.
David Burrowes, chair of the Equity Release Council, said: “I am delighted to welcome Mike and Barry to the Council. They both bring a vast depth of experience in retail financial services, and their independent perspectives and focus on putting customers first will be invaluable as our organisation and market continue to evolve.
“These important appointments set us up to build on 30 years of work as we continue to build confidence and choice in the modern equity release market, by promoting sustainable growth and responsible stewardship.
“Property wealth has a vital contribution to make to support the UK’s ageing population. The Council is committed to its unique responsibility to ensure customers’ voices are represented, alongside those of all our members, as we explore the continued safe growth of the sector.”
