Midway through our first year as the Equity Release Council, it is encouraging to feel that through recent efforts and members’ contributions, a firm foundation is in place to grow the Council’s influence in the sector.
Indeed, an early Christmas present arrived when Laurie Edmans CBE, former chairman of SHIP and a key figure on our Advisory Board, was chosen for the ‘Outstanding Contribution’ award at the Equity Release Awards 2012. Recognition of Laurie’s work is richly deserved, and his continued input will certainly be valued as the Council builds for the future.
The upbeat atmosphere at the event suggested the sector is in good health as 2013 approaches – buoyed partly by the recent arrival of the Mortgage Market Review.
Not only does it set out to achieve greater consumer focus in the overall market, but by protecting against age discrimination against borrowers, it extends a possible lifeline for people stuck in ‘mortgage limbo’.
This change is especially timely as more people work past the old default retirement age out of choice or necessity.
Meanwhile we have announced the other experts from policy, academia and communications who join Laurie on our Advisory Board: Lord David Lipsey, Lord Michael German, Lord Richard Best, Eric Ollerenshaw MP and Heather Wheeler MP. Their collective knowledge and experience will be an enormous asset as we work to represent and support the interests of the sector.
Council membership has surged past the 200 mark this year, and we recently boarded a promotional bus at the Mortgage Business Expo to increase this number. The event was well attended and a valuable opportunity to speak with key people from the equity release sector as well as the wider mortgage market.
Outside engagement is fundamental to the Council’s success, so we have also welcomed Denise Beedell as our new communications and operations manager. Her experience will also be vital as we grow our online presence and make the Council website an indispensable resource for advisers and consumers.
Our vision is for everyone to recognise the Council logo as a mark of quality for equity release products. It seems certain that interest in our sector will continue to grow as the government tries to steer the economy towards sustainable growth.
The recent entitlement reform report from the think tank Reform suggested further welfare and benefit cuts are on the cards, with the result that more people will need to be financially self-sufficient.
Equity release can play a vital role in brightening this picture and providing financial relief for some consumers in later years.
I speak for everyone at the Council in saying how much we are looking forward to our first general meeting at the Institute of Directors on 13th December, where we will discuss the future outlook and plans for 2013.
