Paul Smee Appointed to Chairing Formation Committee

SHIP, the trade body for the equity release industry, today announces the next steps in the process which is aimed at reviewing the cross-industry appetite for a broad representative body embracing all the major players in the equity release market.

As part of this process – which started in January 2011 – extensive feedback has already been gathered from stakeholders including intermediaries, providers, representative bodies, not-for profit organisations and legal services firms.   This feedback which centered on how they would like to see a more representative body operate will be used as the basis for the consultation process going forward.

SHIP has appointed a Formation Committee – headed by Paul Smee, formerly of the ABI and AIFA – to develop, in full consultation with stakeholders, a blueprint for how this organization might look.   The initial review of the findings will be in Q3 2011.  

Andrea Rozario, Director General at SHIP, said “With SHIP celebrating its 20th anniversary this year, it is the ideal time to review what we have achieved and how we can help the industry grow in the future. Clearly the safeguards SHIP insists on are paramount and remain at the heart of everything SHIP does.  To this end, we are very pleased that Paul Smee will help to develop a blueprint as to how a broader representative body might work.   He is highly respected in the financial services arena and is the ideal person to help us to evolve as an industry. “

Paul Smee, Chairman of the SHIP Formation Committee, said: “SHIP has done much to improve the image of the equity release industry and actively engage with relevant stakeholders.  I am therefore pleased to have been appointed to head their Formation Committee which will look to build on this good work and develop a blueprint on which to build a stronger industry.” Full Biography of Paul Smee: Paul was until recently Chief Executive of UK Payments, a post which he held for six years. He set up, and was the first Chief Executive of, the UK Payments Council, which sets strategy for collaborative payments in the UK. He was very involved with the introduction of the Faster Payments Service in 2008, the first new payment system in the UK for 25 years; and in the production of the UK’s National Payments Plan.

Before payments, Paul was the first Director General of the Association of IFAs, the representative body for the community of independent advisors which was formed in 1999 and which he led during a period of much change for the sector. He also helped in the formation of the Association of Mortgage Intermediaries. 

During his earlier career, Paul has worked for the London Stock Exchange, the Association of British insurers and the Independent Television Commission. He started his working life at the Department of Trade and Industry.

About SHIP Equity Release: Safe Home Income Plans (SHIP) is the UK’s trade body for equity release product providers. Launched in 1991 to promote safe plans, SHIP is dedicated to the protection of the planholder and the safe growth of the industry. SHIP represents approximately 90% of the providers in the UK.