60 seconds with...Vanessa Owen
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Head of equity release, LV=
Are you worried that the Financial Services Authority views equity release as risky?
I do worry that some at the FSA have long memories and a jaded view of people borrowing money in retirement, which we consider to be an outmoded view. We would like to see the FSA working closely with firms that are considering joining the market, encouraging their involvement and providing guidance on managing the risks.
Are events in the mainstream mortgage market having any impact on the equity release market?
Certainly it is events in the mainstream market that led to most building societies moving away from some of the niche products they offered in the past. The most recent example of this is Halifax withdrawing its product aimed at people who wanted to purchase a retirement property.
If you were chancellor for the day what would you do?
I’m tempted to say I would take the day off. With the global economy so intricately woven together there would be unforeseen consequences to almost anything you did, so my actions would be open to criticism. But do something we must, so I would look to start nurturing our talented young people and entrepreneurs so they can build thriving businesses for the future. I would also lock a few civil servants in a room and not let them out until they delivered concrete proposals for the funding of social care.
If you could invite any three people to a dinner party who would it be and why?
Brian May, astrophysicist and guitarist of Queen, television scientist professor Brian Cox and professor Stephen Hawking. Then we can have truly cosmic conversations and I can just sit back, listen and enjoy the food with no-one wanting to talk about money or house prices.
Do you have any secret talents?
I am a pretty open book. I trained as a pub manager years ago and can still pull a mean pint, which I guess not that many people know.
Apart from your house what has been your most expensive purchase?
My Land Rover, and that’s just the repair bills.
What book are you reading?
The Reader by Bernhard Schlink it’s proving to be a compelling read.
Interview by Natalie Thomas
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