The Equity Release Council has appointed David Burrowes as its new chairman.
Burrowes replaces Nigel Waterson, who is stepping down after nearly six years at the trade body.
The new chairman is a lawyer and former Conservative MP.
During his twelve years in Parliament Burrowes was Parliamentary private secretary to three cabinet ministers.
He was shadow justice minister from 2007-2010 and a practising solicitor for 23 years.
He will formally take over from Waterson in December.
Burrowes says: “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.
“I hope to use my experience gained in Parliament to further this cause and to build the profile of equity release with a diverse range of stakeholders across industry, government and regulators.”
Waterson says: “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.”