Editor's note: This brief was summarised by The Property AI Newsroom from a report by Mortgage Solutions. Read the original article for full details.

John Godfrey Appointed Chair of Equity Release Council

John Godfrey has been appointed as the new chair of the Equity Release Council, taking over from David Burrowes, who will step down in October after nine years in the role. Godfrey brings over 40 years of experience in financial services, government, and public policy.

Godfrey has previously led the Number 10 policy unit and held senior positions at Legal & General and TheCityUK. He currently serves as a commissioner on the Financial Inclusion Commission and is a trustee of the Centre for Ageing Better.

The appointment comes at a time when the later life lending sector is experiencing increased demand from consumers seeking additional retirement funding options. The Pensions Commission has reported that around 15 million people, or 43% of the working-age population, are under-saving for retirement.

The Financial Conduct Authority (FCA) has recently described property wealth as the “fourth pillar” of retirement funding, alongside state, workplace, and private pensions. This highlights the growing importance of housing equity in later life financial planning.

For UK letting agents and inventory clerks, the increased focus on property wealth in retirement planning may influence the property market and the types of services required by older homeowners. The Equity Release Council’s standards are recognised globally and are seen as underpinning the safe growth of the later life lending sector.