The Equity Release Council has appointed Barry Meeks and Mike Hughes as independent non-executive directors.
Meeks and Hughes will work alongside the Council executive and member firms to ensure stewardship of the organisation’s consumer standards and shape its strategic plans as equity release continues to take a broader role in later life financial planning.
Their appointments follow the 30th anniversary of the equity release consumer standards and mark a decade since the Council was formed to broaden the work of its predecessor body, Safe Home Income Plans.
David Burrowes, chair of the Equity Release Council, said: “I am delighted to welcome Mike and Barry to the Council.
“They both bring a vast depth of experience in retail financial services, and their independent perspectives and focus on putting customers first will be invaluable as our organisation and market continue to evolve.
Meeks has held NED and chief executive roles at a host of organisations in mortgages, banking and retail financial services including Legal & General Home Finance, Homeloan Management Ltd, Tenet Group and Pink Homeloans.
While, Hughes is an experienced executive director and NED with expertise in developing regulated product provision and advice businesses to deliver improved customer outcomes, including launching an equity release proposition for Legal & General Bank which became part of Northern Rock.
Both join the Council at a time when the equity release market is experiencing growing consumer demand, with over 47,300 new or returning customers using equity release products to access their property wealth in H1 2022.
These customers have released £3.1bn of money from their homes while retaining ownership and the right to remain there for life, with additional Council-backed protections shielding them from rising interest rates or negative equity.
Burrowes continued: “These important appointments set us up to build on 30 years of work as we continue to build confidence and choice in the modern equity release market, by promoting sustainable growth and responsible stewardship.”
Hughes added: “I am looking forward to helping the Council build towards a position where equity release is universally perceived as a mainstream financial option for later life.
“All homeowners can benefit from making an active choice about whether equity release is right for them and understanding how modern equity release works as a flexible financial tool alongside pensions and other products within today’s retirement landscape is crucial.”
Meeks said: “The Equity Release Council has made leaps and bounds towards ensuring appropriate consumer protections are in place and changing perceptions of equity release to become a credible and useful option for later life financial planning.
“There is more work to be done as today’s flexible products grow in popularity, and I look forward to supporting the Council’s dynamic team to drive further change across the sector and improve education for consumers and professionals in neighbouring areas of financial services.”
