John Godfrey, the former head of the No 10 policy unit, has been appointed chair of the Equity Release Council.
Godfrey (pictured) will succeed David Burrowes, who is due to step down in October after nine years leading the trade body for the UK equity release and later-life lending sector.
His career spans more than four decades in financial services, government and public policy. As head of the No 10 policy unit, he led a team of political advisers and civil servants working on the government’s strategic policies, including pensions and longevity.
Godfrey also spent 16 years in senior roles at Legal & General, the pensions, insurance and investment group, and was managing director for public affairs, policy and research at TheCityUK.
He is a commissioner on the Financial Inclusion Commission and a trustee of the Centre for Ageing Better.
The council is celebrating its 35th anniversary this year. Since 1991, more than 688,000 homeowners have accessed £50 billion of property wealth through its members.
The appointment comes as the later-life lending industry considers the growing role of housing wealth in retirement planning. The Pensions Commission has warned that about 15 million people, equivalent to roughly 43% of the working-age population, are under-saving for retirement.
Research by Fairer Finance estimates that more than 50% of homeowners aged 60 and over will use some of their property wealth to fund retirement by 2040, potentially releasing up to £23 billion a year in today’s money.
The Financial Conduct Authority described property wealth as the “fourth pillar” of retirement funding at the Later Life Lending Summit in June, alongside state, workplace and private pensions.
Godfrey 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.”
“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 said: “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. Given his extensive policy, corporate and consumer experience, he will be a huge asset to the Council as it continues to set the standard and supports the responsible growth of this socially important 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.”
