The Intermediary Mortgage Lenders Association (IMLA) has reported that Peter Williams will step down from his role of executive director at the end of 2017.
He will continue to perform his duties in full until his departure at the end of the year, in order to support a smooth transition process to his successor.
After over decaade in post Williams felt that IMLA would benefit from fresh thinking and having a new executive director in place to steer the organisation through the next five years and beyond. In consultation with the IMLA Board, it was agreed that now was a sensible time to begin the search for his replacement.
Following the end of his tenure, Williams will continue with his own housing and mortgage research work and market commentary along with being a non-executive director for Vida Homeloans, but will pass over responsibility for IMLA’s operations and strategic direction to his successor.
IMLA will be considering applications for the role of executive director, and is interested in hearing from individuals who possess strong leadership skills and a comprehensive knowledge of the UK mortgage market. The primary responsibilities of the new appointee will be to coordinate IMLA’s core activities, including its relationships with industry partners and policy makers, and to progress initiatives agreed by members in the medium to long-term.
Williams was IMLA’s first ever executive director, and has served in the role for over a decade following his appointment in December 2006. During his tenure, IMLA’s membership has grown to a post-recession high of 34 different lenders, including high street banks, building societies and challenger banks, each of whom distribute through the intermediary channel. These includes 16 of the UK’s top 20 mortgage lenders, who are responsible for nearly £180bn in lending. Intermediaries now enjoy a near-70% share of the mortgage market, up from 50% in early 2012.
IMLA’s Board, led by chairman Kevin Purvey of the Coventry Building Society, will lead the search for the next executive director. He is supported by deputy chairman Phil Rickards, of Lloyds Banking Group, and directors John Heron (Paragon Group), Charles Haresnape (Aldermore), Paul Darwin (Skipton Building Society) and Louisa Sedgwick (Vida Homeloans).
“I have thoroughly enjoyed my time as IMLA’s executive director, and would like to thank the board and members for giving me this opportunity and for the support I have enjoyed,” said Williams.
“The past decade has been a period of great change for the intermediary mortgage market, with the recession, technological advances and new regulation presenting significant challenges and opportunities for lenders and brokers alike. I am proud of the work IMLA has done to represent the interests of its members, and its endeavours to build a better mortgage market for all, with intermediated advice at its heart.
“I feel that given all I have done over the past decade, and the considerable changes facing the market, it is sensible to step down and let IMLA appoint someone who can lead them through the next five years. I look forward to continuing to work with IMLA in any way that might assist them, and wish the board success in finding a new executive director.
“The role is a great opportunity for someone looking to have a highly influential role in the industry, and to be a voice for the sector in some of the most important policy and commercial debates in the mortgage market.”
Kevin Purvey, IMLA’s Chairman, said: “Peter will depart from IMLA on the very best terms at the end of the year, having been instrumental in its growth and performance over the past decade as the market has recovered from recession.
“Both IMLA’s Directors and Peter feel that it is important to have an executive director in place who will take responsibility for leading the organisation for the next five years at least. I would like to thank Peter for his unwavering commitment to the interests of IMLA, its members, and the broader mortgage market over the last decade.
“Peter will continue to serve as executive director until the end of 2017, and IMLA will be looking for a suitable successor in the meantime. IMLA is interested in hearing from candidates with a strong track record in the mortgage market, and the ability to lead the organisation through an important period in its continued development.”