Equity Release Council announces trio of board appointments

 

The Equity Release Council has appointed three experienced industry executives to its main board of directors following a vote by members at its latest annual general meeting.

The three new directors are: Paul Barber, director of home reversion provider Bridgewater Equity Release; Colin Taylor, chief executive of Key Group which encompasses retirement financial adviser Key Retirement Solutions and provider more 2 life; and Jon Tweed, sales director of provider Hodge Lifetime. Each will serve for two years until 2016.

The appointments follow the publication of record lending figures for Q1 2014, when the total value of new equity release plans agreed hit £315.5m. This was 35% up on the equivalent period in 2013 and the largest ever total for the first three months of any year since quarterly records began in 2002.

Nigel Waterson, Chairman of the Equity Release Council said:
“Having seen our membership recently pass the 320 mark, The Council continues to strengthen its representation across the industry and we are delighted to be able to draw on Paul, Colin and John’s collective experience through their positions on our board.

“Already this year we are seeing equity release playing an increasingly prominent role in financial planning for later life. With people typically living for longer, the ability to draw on housing equity to boost their savings is proving invaluable to many, and allowing them to enjoy a comfortable and financially secure retirement.

“The challenge ahead for the industry is to continue the spirit of innovation that has introduced features such as inheritance protection and flexible interest payments to the product range. At the same time, we remain focused on raising awareness about the many practical uses and benefits of equity release to today’s over-55s.”