The Equity Release Council (ERC) has also invited Michelle Highman to join the board as an independent non-executive director. This is in addition to her role as chair of the council standards committee.
Burrowes has chaired the board since 2017, overseeing the growth of the membership of the Equity Release Council to over 750 firms and 1,800 individuals. The ERC is also now independently governed.
He spent almost 13 years as an MP for Enfield Southgate, sitting on the influential Home Affairs and Public Accounts Select Committees and serving across numerous Government departments including the Cabinet Office and Department for Environment, Food and Rural Affairs.
Burrowes has also been a practicing solicitor for almost 30 years.
Highman has been on the council’s standards committee since April this year, which oversees the rules to which members commit. She is also the CEO of the Money Charity.
She is a former member of the Financial Inclusion Commission’s advisory panel and spent 13 years with the Financial Services Authority, now the FCA. She played a leading role in putting national financial capability strategy in place and setting up the Money Advice Service, the predecessor to Money and Pensions Service.
‘Equity Release Council plays a unique role’
Burrowes said: “It has been a privilege to represent council members during a period when lifetime mortgages have moved into the mainstream conversation about later life finances.
“The ERC plays a unique role by bringing specialists together from across the market to work together and set standards for the good of consumers. This has seldom been more visible than during challenging economic times this year and during the Covid-19 pandemic, when we were able to keep the market open for those people who rely on equity release in times of need.”
He added: “2024 promises to be a landmark year where the economic and social policy response to an older population will be put under the microscope of a General Election, and the regulator will consider the role of later life lending in supporting people’s retirement income.”
Highman continued: “Council standards play a vital role in providing certainty, security and flexibility to thousands of customers a year. I’m looking forward to taking a seat on the board and building on the great progress to date to help meet consumers’ evolving needs.
“Behind every enquiry about releasing equity is a homeowner with unmet financial needs, and I am committed to keeping their interests front and centre as we look to promote safe market growth and answer society’s challenges.”
She noted: “There is important work to be done to reinforce advice standards and I am looking forward to building on the progress we have made this year to support members in critical areas such as fee transparency and post-completion communications.”
