The Equity Release Council has announced the appointment of Michelle Highman as the new independent chair of its standards committee.
Highman, who is the chief executive of The Money Charity, will lead the 11-member committee responsible for developing product safeguards that have significantly transformed the sector.
Highman’s appointment comes after a consultation in which Council members overwhelmingly advocated for the committee to maintain some independence, followed by a competitive selection process.
With 13 years of experience at the Financial Services Authority and as a former member of the Financial Inclusion Commission’s advisory panel, Highman brings valuable expertise to her new role.
The recently re-appointed and expanded standards committee is composed of advisers, providers, solicitors, surveyors, and technology specialists, reflecting the necessary disciplines for delivering good customer outcomes.
In addition to Highman’s appointment, the Council has also appointed two new independent directors and created seven member-led forums and a member panel.
These changes aim to align with current best practices in non-profit governance and increase members’ voice and influence.
Michelle Highman expressed enthusiasm about her new role said: “It’s an incredibly exciting and important time to join the Council.
“The organisation has already achieved a lot and has clearly put itself in a strong position to continue to deliver for members and their customers. Equity release can be a transformative financial product.
“Used appropriately, it can provide a lifeline to hard-up pensioners or enhance the lives of others and their loved ones.”
She also emphasised the importance of the standards committee in providing the right support and advice for potential equity release customers, adding, “The standards committee plays an incredibly important role in this process, and it’s a privilege to be able to play a part.”
David Burrowes, Council chair, added: “Michelle is ideally suited to follow in a long line of experienced and accomplished experts who have overseen the development of equity release consumer standards since 1991.
“Like those before her, Michelle is dedicated to delivering safe and sustainable financial products.
“I know she will make an important contribution to the continued evolution of our consumer-focused safeguards.
“By joining the Council, all members pledge to go above and beyond statutory regulation to deliver good outcomes for consumers.
“The standards committee sits at the heart of the Council, enabling and enhancing those outcomes.”
