He will replace Nigel Waterson in December who has spent six years in the role at the ERC. Waterson agreed with the board in 2014 to extend his term as the council’s first chairman for a further three years.
The equity release sector is booming at present with expectations that it will exceed £3bn of lending this year and could hit more than £5bn by 2021.
Burrowes (pictured) was Conservative Member of Parliament for Enfield Southgate from 2005 until he lost his seat at this year’s General Election.
During his time in Parliament, Burrowes served as parliamentary private secretary to three cabinet ministers, across the Cabinet Office and the Department for Environment, Food and Rural Affairs.
He also sat on the Home Affairs and Public Accounts Select Committees.
Burrowes has been a practising solicitor for 23 years and was shadow justice minister from 2007 to 2010.
Build profile
Burrowes said he was excited by the opportunity to work on behalf of the sector and would put the best interests of the consumer at the core of its 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,” he added.
Huge privilege
Nigel Waterson added that it had 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,” he said.
“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,” he added.
