Jay Sewell has taken the position, joining Household Capital from UK-based home equity funding provider Age Partnership.
Mr Sewell held the role of head of retirement funding for eight years, during which time he oversaw the business grow to take a 28 per cent share of the UK market.
In his new job, Mr Sewell will lead Household Capital’s customer operations to support distribution and work closely with the technology, credit and customer service teams.
Household Capital reported the UK equity release market is significantly more developed than its Australian equivalent. In 2019, nearly £4 billion of housing equity was accessed by older home owners.
Earlier this year, UK equity release product provider Legal & General took a stake in Household Capital, saying it saw Australia as a market with lots of potential.
Household Capital chief executive Josh Funder commented: “With superannuation and investment portfolios decimated, and dividends and term deposits at all-time lows, Australian retirees need help to fund their retirement.
“Jay comes to Household Capital having been a leader in building a 600-strong business and his team was awarded the ‘number one net promoter’ score across UK financial services companies; we look forward to learning from his insights and working with Jay to deliver quality retirement funding solutions to our customers as the business grows.”
A number of industry experts sit on the board of Household Capital, including former federal minister of superannuation Nick Sherry, who is the company’s chair.
