Equity Release Council appoints new non-executive directors

Barry and Mike will work alongside the Council executive and member firms to shape its strategic plans as equity release continues to take a broader role in later life financial planning.

Their appointments follow the 30th anniversary of the equity release consumer standards¹ and mark a decade since the Council was formed to broaden the work of its predecessor body, Safe Home Income Plans (SHIP).

Both NEDs bring significant industry experience to the Council. Barry Meeks has held NED and chief executive roles at a host of organisations in mortgages, banking and retail financial services including Legal & General Home Finance, Homeloan Management, Tenet Group and Pink Homeloans alongside challenger banks, peer-to-peer lenders and technology providers. He is a chartered director and a fellow of the Institute of Directors since 2015.

Mike Hughes is an experienced executive director and NED with expertise in developing regulated product provision and advice businesses to deliver improved customer outcomes, including launching an equity release proposition for Legal & General Bank which became part of Northern Rock. His career has included senior roles at HL Partnership, Dudley Building Society, Aegon and Castle Trust.

Barry and Mike join the Council at a time when the equity release market is experiencing growing consumer demand, with over 47,300 new or returning customers using equity release products to access their property wealth in H1 2022, an increase of 28% year-on-year.

The Council now counts 1,750 individuals as members from over 700 organisations, including providers, funders, financial advisers, solicitors, surveyors and other industry professionals from areas including mortgages, pensions, wealth management and financial planning.

New members to have joined during 2021/22 include Scottish Widows, St James’ Place, Standard Life Home Finance, Deloitte, EY, Willis Towers Watson, Phoenix Group, Pension Insurance Corporation and Reinsurance Group of America.

David Burrowes, chair of the Equity Release Council, commented: “I am delighted to welcome Mike and Barry to the Council. They both bring a vast depth of experience in retail financial services, and their independent perspectives and focus on putting customers first will be invaluable as our organisation and market continue to evolve.

“These important appointments set us up to build on 30 years of work as we continue to build confidence and choice in the modern equity release market, by promoting sustainable growth and responsible stewardship.

“Property wealth has a vital contribution to make to support the UK’s ageing population. The Council is committed to its unique responsibility to ensure customers’ voices are represented, alongside those of all our members, as we explore the continued safe growth of the sector.”

Mike Hughes said: “The way equity release is viewed has visibly evolved in recent years and the Council has been at the forefront of that change, overseeing standards which ensure growth is always safe and with consumer protection at its heart.

“I am looking forward to helping the Council build towards a position where equity release is universally perceived as a mainstream financial option for later life. All homeowners can benefit from making an active choice about whether equity release is right for them. Understanding how modern equity release works as a flexible financial tool alongside pensions and other products within today’s retirement landscape is crucial.”

Barry Meeks added: “I am passionate about driving customer-centric thinking in the organisations I work with. The Equity Release Council has made leaps and bounds towards ensuring appropriate consumer protections are in place, and changing perceptions of equity release to become a credible and useful option for later life financial planning.

“There is more work to be done as today’s flexible products grow in popularity, and I look forward to supporting the Council’s dynamic team to drive further change across the sector and improve education for consumers and professionals in neighbouring areas of financial services.”