In the Spotlight with Stuart Wilson, Air

FR: You were CEO of Air for nearly 15 years – how did the equity release sector change during your time at the helm?

The equity release sector is in a very different place today than it was 15 years ago, but things haven’t so much ‘changed’ as ‘evolved.’ The fundamentals remain the same – the need for good advice, good tools, good products, training – but there has been a shift in approach, with a much greater focus now on collaboration, consideration, and flexibility. Consumer attitudes have shifted, too, with borrowing in retirement no longer something that is frowned upon, but instead something that is now being embraced.

Looking at the sector in 2023 compared to 2008, it’s evident that as an industry we have broken down the silos and operate as a much more mature segment of the mortgage market. There’s still work to be done, but I’m proud of how far we have come over the past 15 years.

FR: What was your proudest moment as CEO of Air?

Certainly, one of the things I am most proud of is what we have achieved with Air Academy. In an industry first, all our Academy modules are fully accredited by the London Institute of Banking and Finance (LIBF) and aligned to the Equity Release Council’s Competency Framework. Seeing so many firms and advisers strive to achieve this accreditation has been extremely rewarding.

In the final year of my tenure, I was fortunate enough to pick up six awards, including the Outstanding Contribution Award at the 2023 Equity Release Awards. I am extremely grateful for this recognition and could not think of a better and more satisfying end to my time in the role. As I pass over the company over to the new management team, I have every confidence in their vision and look forward to seeing them propel Air to the next level.

FR: You have just been appointed chair of Air Club – what is Air Club’s role in the later life lending market and how do you plan on delivering this?

My position as Chair of Air Club is very different from my previous role and I am relishing the new challenge. Above all else, it is my job to guide and mentor professionals in the sector to ensure they are equipped with all the right tools to provide the very best outcomes for consumers. To achieve this, our approach to adviser development is rooted in consumer needs – what do borrowers want, and how can we support advisers so they are better able to deliver this for them.

Air Club is at the very core of our platform, and I hope to help build on our already strong reputation as the go-to support for advisers in the later life lending sector – doubling down on value for members to help advisers understand not only the commercial benefits available to them, but how to deliver excellence to customers.

We want to help advisers look through a consumer’s eyes, see the journey that they want, and to make this happen.

FR: The last quarter of 2022 was a challenging period for the entire mortgage market, including equity release – what are your expectations for 2023?

It was a certainly a challenging final quarter to the year, with September’s mini-Budget leaving its mark on the entire financial services industry, including later life lending. Activity dipped in the equity release market, but as we look towards the year ahead I have every confidence the sector can bounce back. However, this can only be achieved through careful planning and collaboration between lenders, funders and advisers – and of course, the correct training.

As the cost-of-living crisis continues to bite, understanding customer vulnerability only becomes more crucial to advisers. More customers need support than ever before, and we have an increasing moral responsibility for the over-55 age group. This creates a great opportunity for us to demonstrate equity release is a transformative sector that leads the way on standards.

We can also help the sector lead the way on other standards, increasing the diversity and inclusion work that makes our industry a better place to forge a career, including when it comes to neurodiversity.

FR: What would be the one headline for the later life lending sector this year that you’d most want to see?

'Advice in the later life lending industry leads the way on delivering excellent customer outcomes'.