David Burrowes has been reappointed to serve as Chair of UK-based industry group the Equity Release Council, a position he has held since 2017, for a third and final term.
“It has been a privilege to represent Council members during a period when lifetime mortgages have moved into the mainstream conversation about later life finances,” Burrowes said.
“The Council plays a unique role by bringing specialists together from across the market to work together and set standards for the good of consumers. This has seldom been more visible than during challenging economic times this year and during the Covid-19 pandemic, when we were able to keep the market open for those people who rely on equity release in times of need.
“The coming year promises to be a landmark one where the economic and social policy response to an older population will be put under the microscope of a General Election, and the regulator will consider the role of later life lending in supporting people’s retirement income,” he said.
Michelle Highman is joining the ERC’s Board as an independent, non-director. She has the Council’s standards committee since April 2023, overseeing the rules that members commit to, which go above and beyond their regulatory duties.
“Council standards play a vital role in providing certainty, security and flexibility to thousands of customers a year. I’m looking forward to taking a seat on the board and building on the great progress to date to help meet consumers’ evolving needs,” said Highman.
“Behind every enquiry about releasing equity is a homeowner with unmet financial needs, and I am committed to keeping their interests front and centre as we look to promote safe market growth and answer society’s challenges.
“There is important work to be done to reinforce advice standards and I am looking forward to building on the progress we have made this year to support members in critical areas such as fee transparency and post-completion communications,” said Highman.
Burrowes spent 13 years as a Member of Parliament in the UK; Highman is also CEO of the Money Charity, which promotes financial capability and wellbeing across the UK.