The Equity Release Council has appointed John Godfrey as its new chair, replacing David Burrowes who steps down in October after nine years.
Godfrey has more than four decades of experience gained from senior leadership across financial services, government and public policy.
His government roles include head of the No.10 policy unit, where he led the prime minister’s team of political advisers and civil servants developing the government’s strategic policies, including work on pensions and longevity.
Godrey’s financial services career includes 16 years in senior roles at Legal & General, and senior level experience within financial services trade bodies, including managing director for public affairs, policy and research at TheCityUK, which champions and promotes the UK’s financial and professional services industry.
He currently serves as a commissioner on the Financial Inclusion Commission, which seeks to ensure all UK citizens can access affordable, appropriate financial services. He is also a trustee for the Centre for Ageing Better, a charity working to help everyone enjoy later life.
Godfrey said: “David Burrowes has done an outstanding job as chair of the Equity Release Council and it is a real privilege to be succeeding him. I look forward to building on the Council’s strong reputation across the later life lending sector. The standards set out by the Council are recognised globally and continue to underpin the safe growth of such a critical part of the market and wider economy.
“As people live longer and retirement savings face greater pressure, housing wealth is increasingly becoming an integral pillar of later life financial planning. Recognising this vital role, I will work closely with members, policymakers and industry peers to champion the Council’s high standards and ensure the sector continues to grow responsibly and meet the needs of a growing number of homeowners.”
Burrowes added: “The appointment of John Godfrey as the new chair is an important one for the council and comes at a pivotal time for the UK later life sector. Given his extensive policy, corporate and consumer experience, he will be a huge asset to the council as it continues to set the standard and supports the responsible growth of this socially important sector.”
The Equity Release Council is the representative trade body for the equity release sector and its standards define best practice in the UK. It will celebrate its 35th anniversary this year, during which time more than 688,000 homeowners have accessed £50 billion of property wealth via council members to support their finances.
Members include 800 firms and 1,800 individuals, including providers, funders, regulated financial advisers, solicitors, surveyors and other professionals.
