Equity Release Council appoints John Godfrey as chair
John Godfrey has been appointed chair of the Equity Release Council, succeeding David Burrowes, who will step down in October after nine years in the role.
Godfrey brings more than 40 years of experience across financial services, government and public policy. He previously led the Number 10 policy unit and has held senior roles at Legal & General (L&G) and industry body TheCityUK.
He currently serves as a commissioner on the Financial Inclusion Commission and is a trustee of the Centre for Ageing Better.
The appointment comes as the later life lending sector faces increasing demand from consumers seeking additional retirement funding options. According to the Pensions Commission, around 15 million people, equivalent to 43% of the working-age population, are under-saving for retirement.
The Financial Conduct Authority (FCA) recently described property wealth as the “fourth pillar” of retirement funding alongside state, workplace and private pensions, highlighting the growing role of housing equity in later life financial planning.
Godfrey (pictured) 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.
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“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.
“I am delighted to hand the baton of chair over to John who will, alongside an excellent board and executive team, lead the council and its members to realise our ambition that every homeowner can use their property wealth safely confidently and responsibly in later life.”
