Equity Release Council announces board positions for 2024

The Equity Release Council has confirmed two board positions for 2024.

David Burrowes has been reappointed to serve as chair for a third and final term, while Michelle Highman will join the board as an independent non-executive director, in addition to her role as chair of the Council’s standards committee.

David was a campaigner for local and national causes during 13 years as an MP, sitting on the 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. He has also been a practising solicitor for almost 30 years.

Michelle has led the Council’s standards committee since April 2023, overseeing the rules that members commit to, which go above and beyond their regulatory duties. She is also CEO of the Money Charity which promotes financial capability and wellbeing across the UK.

Michelle is a former member of the Financial Inclusion Commission’s advisory panel and spent 13 years with the then-Financial Services Authority, where she played a role in implementing its national financial capability strategy and setting up the Money Advice Service (the predecessor to the now Money and Pensions Service), as well as various regulatory roles including financial promotions and pension mis-selling reviews.

David 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 Council 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.

“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.”

Michelle Highman commented: “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.

“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.”