Smee was the first director general of the Association of IFAs, the representative body for the community of independent advisors which was formed in 1999 and which he led during a period of much change for the sector. He also helped in the formation of the Association of Mortgage Intermediaries.
Until recently chief executive of UK Payments, a post which he held for six years. He set up, and was the first chief executive of the UK Payments Council, which sets strategy for collaborative payments in the UK. He was also involved with the introduction of the Faster Payments Service in 2008, the first new payment system in the UK for 25 years; and in the production of the UK's National Payments Plan.
During his earlier career Smee has worked for the London Stock Exchange, the Association of British insurers and the Independent Television Commission. He started his working life at the Department of Trade and Industry.
SHIP states that the review is for a broad representative body embracing all the major players in the equity release market.
In January 2011 SHIP began the process by harvesting feedback from stakeholders including intermediaries, providers, representative bodies, not-for profit organisations and legal services firms. The feedback centred on how they would like to see a more representative body operate and will be used as the basis for the consultation process going forward.
Andrea Rozario, director general at SHIP, said: “With SHIP celebrating its 20th anniversary this year it is the ideal time to review what we have achieved and how we can help the industry grow in the future. Clearly the safeguards SHIP insists on are paramount and remain at the heart of everything SHIP does. To this end, we are very pleased that Paul Smee will help to develop a blueprint as to how a broader representative body might work. He is highly respected in the financial services arena and is the ideal person to help us to evolve as an industry.”
Paul Smee added: “SHIP has done much to improve the image of the equity release industry and actively engage with relevant stakeholders. I am therefore pleased to have been appointed to head their formation committee which will look to build on this good work and develop a blueprint on which to build a stronger industry.”
Vanessa Owen, head of equity release at LV=, said: “As an active member of the formation committee we are delighted that someone of Paul's calibre has taken up the challenge to help us steer this change programme. There is a way to go yet but we are confident with his guidance we will be able to build a robust organisation to continue to take the equity release industry forward.”
