It has been confirmed by the Equity Release Council that Nigel Waterson will be stepping down as Chair.
David Burrowes, former Conservative MP and lawyer will be taking on the role, following Waterson’s six year period at the helm.
As well as leading campaigns for improved social care, Burrowes has demonstrated his passion for the sector having represented constituents on pension and financial services related issues. Membership of several All Party Parliamentary Groups also enabled him to work closely with regulators, banks, the Treasury Select Committee as well as other Ministers to safeguard consumer interests.
Burrowes is due to be taking over later this year, to ensure a smooth transition.
Commenting on his time in the position and the market progression that he’s witnessed, Waterson stated: “It has been a huge privilege to serve as the first Chairman of The Council and oversee its evolution since 2012.
“The momentum generated within the sector is testament to members’ continued commitment to innovation and the Council’s standards that have established a safe and reliable market for consumers. It is also clear that equity release is set to play an increasingly important role in financial planning for retirement as a growing number of older homeowners consider enhancing their retirement by unlocking housing wealth.
“With an excellent reputation to date as a dedicated campaigner, lawmaker and influencer, David has all the right attributes required to lead the Council on the next stage of its journey and I congratulate him warmly on his appointment.”
David Burrowes also commented on the changes in the market as well as highlighting his enthusiasm for the new position.
“As a society we face significant challenges in addressing the impact of an ageing population, rising social care needs and inadequate pension funds. While there is no one-size-fits-all solution, I firmly believe that equity release can play a major role in helping older people meet those challenges and improve their financial outlook in later life.
“I am excited by the opportunity to work on behalf of the sector and will put the best interests of the consumer at the core of our future work. I hope to use my experience gained in Parliament to further this cause and to build the profile of equity release with a diverse range of stakeholders across industry, government and regulators.
“I also commend Nigel Waterson for his service to The Council over the past six years. The equity release market has been strengthened during this period, buoyed by a growing membership and increased competition. I look forward to working with the board and engaging with those within industry as we build on the significant progress to date.”
