July 11, 2019

News from Council CEO, Jim Boyd

What an extraordinary summer it has been on every front.

The market continues with record growth reaching £1 billion for a single quarter (Q3 2018). This growth is driven by innovation across the later life lending market, as the number of product options available to consumers has more than doubled in two years (139 in August 2018, up from 58 in 2016).

Political and policy interest in the sector continues unabated despite the summer recess!  You may remember, when I joined, the Council hosted a parliamentary event with former First Secretary, Damian Green MP to discuss Social Care and Equity Release and then held our summer reception with the Economic Secretary John Glen MP.

ERC Exec Team

Since, we have engaged closely with the Treasury Select Committee, the FCA and then with Lord Sharkey with a Parliamentary Question in the House of Lords’ following media interest in an Adam Smith Institute’s report – which we communicated with you at the time.

The Council is proud of the achievements of the sector and recently our Chair, David Burrowes, Chris Pond – Chair of the Standards Board, Sean Smith – Head of Public Affairs and I have attended the major party political conferences to contribute to policy debates.

Media interest also grows reflecting recognition of equity release as a ‘mainstream’ product. In September alone, the Council featured in 126 articles – up 38% from 2017, with 31% more national coverage than September 2017.

A highlight in September was the launch of our Autumn 2018 Market Report, which generated widespread discussion in mortgage, consumer and industry trade publications, highlighting the greater product options for consumers.

David recently featured in a range of broadcast media programmes from BBC Radio 4 to ITV Tonight’sprogramme – Our Debt: the true cost – which provided an example of how equity release had helped a customer with debt.

As a team, we are very busy engaging in policy debates or speaking on industry platforms, whether it is David presenting to the Society of Later Life Advisers’ annual conference, Donna Bathgate – Chief Operating Officer, at the Financial Services Expo in London or me at Age UK’s Later Life conference. Interest in our sector has never been busier!

It has been a fascinating first three months. I have visited members in Yorkshire, the Midlands and Lancashire and have met lawyers, surveyors, advisers and providers to understand the issues which are important to you and look forward to meeting many more members during 2018.

I am in the process of reviewing ways to ensure that the Council can build on its increasing market visibility to provide a step-change in our activity. I look forward to telling you more in our next newsletter.

Kind regards

Jim

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