The Equity Release Council has appointed two new board directors following a vote by members announced at its Annual General Meeting last week.
The two new directors are Richard Overson, group director at Key Retirement and Steve Ellis, managing director at Legal & General Home Finance (LGHF).
Overson is the Council’s first board director to represent an adviser firm and he has over 20 years’ experience in the sales and advice side of Key’s business. He is also a member of the original management team that founded Key Retirement.
Ellis led the acquisition of Newlife in 2014 which brought Legal & General into the equity release sector, and he previously served as LGHF’s chief operating officer.
Vanessa Owen, head of retirement solutions products at LV=, and Steve Kyle, risk and compliance director at Just Retirement, have both also been re-elected. Each of the directors will serve for two years until 2019, and join the following existing board members:
- Nigel Waterson, chairman
- Donna Bathgate, chief operating officer
- Chris Pond, chairman of the Council’s standards board
- Paul Carter, chief executive of Pure Retirement
- Paul Barber, director of Retirement Bridge
- Deian Jones, managing director of Hodge Lifetime
- Roger Marsden, managing director (equity release) of Aviva
- Dave Harris, managing director of More 2 Life
In addition, the Council has confirmed the latest appointments of industry figures to its Standards Board:
- Provider representative: David Forsdyke, head of compliance (equity release) at Retirement Advantage
- Adviser representative: Susan Jeffery, financial adviser at Ainsdale Finance Ltd
- Solicitor representative: Claire Barker, managing director of Equilaw
- Surveyor representative: Mel Kettle, director client services at Gateway Surveyors
The Standards Board is responsible for maintaining, developing and promoting the Rules and Guidance and the Statement of Principles that all Council members agree to, ensuring a safe and reliable market for consumers.
Waterson said: “We welcome the new board members amid a time of unprecedented growth in the equity release sector. Our new directors bring a wealth of experience and expert knowledge to the table, helping us represent this fast-growing market and steer the next phase of its evolution. I would also like to thank the outgoing board members for their valued support and guidance during this period of high growth.
“The rapid growth in demand for equity release products demonstrates the growing importance of housing wealth as a necessary source of income in later life. The Council is focused – now more than ever – on supporting this momentum, and facilitating the safe growth of the equity release sector.”
Ellis added: “In recent years, the Council has played an important role in building consumer protection guarantees and helping to position lifetime mortgages as a mainstream solution for individuals approaching retirement. As the market continues to grow at record pace and as more and more consumers choose lifetime mortgages as part of their retirement plan, it is vital that we continue to look to the future and talk positively about the role that the lifetime mortgage sector can play in terms of securing retirement outcomes for customers.
“At Legal & General Home Finance, we remain committed to building the retirement lending market, developing innovative new products and improving flexibility for consumers. I look forward to working closely with other council members to continue raising awareness about the positive role lifetime mortgages can play in retirement with both advisers and consumers.”