Two board directors have been newly appointed by the Equity Release Council following a recent member vote.
Announced at the Annual General Meeting last month, the two new directors are Managing Director at Legal & General Home Finance, Steve Ellis and Group Director at Key Retirement, Richard Overson.
Having previously had a dignified and diverse career within the financial services, Ellis worked as Chief Operating Officer for at LGHF. In 2014, he led Newlife’s acquisition, which introduced Legal & General into the equity release sector.
With over two decades in the sales and advice area of Key Retirement, Overson is the first appointed board director on the Council to represent an adviser firm.
Welcoming the two new members was Chairman of the Equity Release Council, Nigel Waterson. He highlighted the benefits that diverse experience and knowledge could bring to the Council, especially given the pace of growth that the equity release market is currently experiencing.
Waterson went on to mention the Council’s aim in supporting the market momentum with a focus on steering its development and promoting further growth.
Commenting on the Council’s contribution to the market, Ellis highlighted the role it had played in creating protection guarantees for consumers. In addition to bringing lifetime mortgages into the mainstream for prospective retirees, he stated that the Council would continue to look ahead and raise awareness of the benefits that the lifetime mortgage sector could provide.
Ellis also noted how his position at Legal & General would positively impact his role on the Council board. Focusing on the ongoing nature of product development and innovation, Ellis stated that the importance of consumer flexibility would be a key consideration when acting in his new role. Working with other council members, he stated that he would aim to increase awareness of lifetime mortgages for both advisers and consumers.
A joint project between several regional law firms, Equishield provide professional legal advice for Equity Release Mortgages across England and Wales. More information can be found on their website.