As part of its ongoing restructure SHIP, the trade body for equity release, has appointed Chris Pond as Chair of the SHIP Standards Board.   The appointment follows that of Nigel Waterson as Chairman of SHIP, and Chris will work closely with both Nigel and with Andrea Rozario, Director General of SHIP.

Chris will have responsibility for the stewardship and continued implementation of the SHIP standards and consumer safeguards, such as the No Negative Equity Guarantee, that have formed the basis of the protection SHIP has provided to consumers since it was established in 1991. 

As SHIP evolves into an industry wide representative body for all stakeholders in the equity release industry, Chris and the SHIP Standards Board will have a critical role in maintaining the integrity of the consumer protection that SHIP has delivered to date.  Chris Pond’s previous experience means that he has excellent credentials for this demanding role.

Chris was until recently Head of Consumer Affairs and before that Director of Financial Capability at the Financial Services Authority (October 2007 – end of 2011).  He is Chair of financial education charity Credit Action, a trustee of the Family and Parenting Institute and a Council member of the Institute for Fiscal Studies.  

From 1997 to 2005 he was MP for Gravesham and a Work and Pensions Minister, Parliamentary Private Secretary in the Treasury and a member of the Social Security Advisory Committee. During his time at Westminster Chris worked with Nigel Waterson, then Shadow Pensions Minister, on the 2004 Pensions Act.

Chris Pond, Chair of the SHIP Standards Board, comments:  “Allowing people to access some of the savings built up in the value of their homes could help fill the increasing gap in retirement incomes and long-term care costs, but people have to have confidence that they will be treated fairly if they consider this option, which is why the maintenance of the highest standards of consumer protection is so essential. 

“I’m delighted to be taking on this role and to be working with Nigel Waterson.  We may have been on opposite sides of an argument while both in Westminster, but have now come together in a shared objective of providing a safe mechanism for equity release to a much larger group of people”.

Nigel Waterson, Chairman of SHIP, comments: “Chris brings exceptional experience to SHIP and we are extremely pleased that he has agreed to become Chair of our Standards Board.  With his background combining the fields of regulation, Parliament and social policy, he is supremely qualified to lead SHIP’s work in developing and enforcing the highest possible standards across consumer products, advice and service, which is a vital role as SHIP expands it’s membership.”