The Equity Release Council has appointed a new chairman in David Burrowes after Nigel Waterson stood down from his position after nearly six years.
Burrowes (pictured) will be chairman of the council after serving as the Conservative Member of Parliament for Enfield Southgate.
He worked on behalf of his constituents on issues relating to pensions and financial services products by working closely with regulators, ministers and banks to protect consumer interests.
David Burrowes said: “As a society we face significant challenges in addressing the impact of an ageing population, rising social care needs and inadequate pension funds.
“While there is no one-size-fits-all solution, I firmly believe that equity release can play a major role in helping older people meet those challenges and improve their financial outlook in later life.
“I am excited by the opportunity to work on behalf of the sector and will put the best interests of the consumer at the core of our future work.”
Nigel Waterson added: “It has been a huge privilege to serve as the first Chairman of the council and oversee its evolution since 2012.
“The momentum generated within the sector is testament to members’ continued commitment to innovation and the council’s standards that have established a safe and reliable market for consumers.
“I congratulate David warmly on his appointment.”
Burrowes will formally take over from Waterson in December in order to ensure an orderly transition.