The Equity Release Council, the representative body for the UK equity release and later life lending sector, is pleased to announce the appointment of John Godfrey as its new Chair, supporting the evolution of the Council’s work to promote high standards and a vibrant consumer-focused market.
John brings more than four decades of experience gained from senior leadership across financial services, government and public policy including as head of the No.10 policy unit, where he led the Prime Minister’s team of political advisers and civil servants developing the government’s strategic policies, including work on pensions and longevity.
His extensive career at major financial services businesses includes 16 years in senior roles at leading British pensions, insurance and investment provider, Legal & General, which supports over 12 million customers, offers extensive retirement and longevity solutions including equity release.
He has senior level experience within financial services trade bodies, as the Managing Director for public affairs, policy and research at TheCityUK, which champions and promotes the UK’s financial and professional services industry.
John has a broad range of experience and interest in supporting good consumer outcomes. He currently serves as a Commissioner on the Financial Inclusion Commission which seeks to ensure all UK citizens can access affordable, appropriate financial services and is a Trustee for the Centre for Ageing Better, a charity working to help everyone enjoy later life.
John will succeed David Burrowes, who will step down as chair in October following nine successful years in the role. The appointment follows an extensive recruitment process and comes at a pivotal time for both the Council and the UK later life lending sector.
The Pensions Commission warns that approximately 15 million people – or roughly 43% of the working-age population – are currently under-saving for retirement.
Fairer Finance estimates over 50% of homeowners aged 60+ are set to use some of their property wealth to fund their retirements by 2040, unlocking up to £23 billion a year, in today’s money, to meet their needs.
Speaking at the Later Life Lending Summit: Leaders’ Symposium in June, the FCA recognised property wealth as the “fourth pillar” of retirement funding, alongside state, workplace and private pensions. The shift recognises the important role of accumulated housing equity to supplement living standards in later life.
Speaking on his appointment, John 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.”
David Burrowes, Chair of the Equity Release Council, adds: “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.
Celebrating its 35th anniversary this year, the Equity Release Council is the representative trade body for the equity release sector. Since 1991, more than 688,000 homeowners have accessed £50bn of property wealth via Council members to support their finances. The Council’s standards define best practice in the UK and are recognised globally as the ‘gold standard’.
