Pure Retirement Bolsters Board-Level Oversight by Appointing New Non-Executive Director

06 November 2024

• Rent and mortgage spending grew by 6.4 per cent in October, the highest rate of growth recorded since September 2023, ahead of today’s MPC announcement on the Base Rate
• Despite the increase, consumers report feeling more confident in their ability to afford rent or mortgage payments

The lifetime mortgage lender Pure Retirement has bolstered its board-level oversight in the form of the appointment of their new Non-Executive Director, Phillip McLelland.

McLelland brings over 35 years of experience to the table following a range of roles at leading institutions such as Coopers & Lybrand, KPMG, Bradford & Bingley (where, within nine years, he became their Finance Director), UKAR, and Provident Financial. Most recently he has held key roles at smart meter supplier Calisen, while also acting as a Non-Executive Director for Furness Building Society – a role he’s held since 2016. After stepping back from a full-time executive role with Calisen in the past year he has become a Non-Executive Director of Gatehouse Bank.

As part of his duties, McLelland will contribute to discussions of the Board surrounding the lender’s affairs, reviewing its progress and plans, and instigating action as necessary on the part of the executive to achieve business objectives. Additionally, he will be responsible for maintaining a watching brief on developments in the financial services industry to consider possible implications for Pure Retirement. He will also assess, on behalf of customers, the lender’s conduct with regard to products and services provided, with quality, fairness and transparency being key, together with ensuring competitiveness and the security of investors’ funds.

Speaking of the appointment, CEO Paul Carter says: “We’re pleased to be adding someone of Phillip’s calibre to our board. His considerable experience will undoubtedly help us to continue to grow and solidify our position as one of the country’s leading lifetime mortgage providers. More than that, his knowledge and insight will enable us to do so while continuing to keep our customers’ interest front and centre, helping them to achieve their financial goals in a responsible way.”

Speaking of his appointment, Phillip McLelland adds: “It’s a privilege to be joining such a leading operator within the later life lending space and helping to shape its future. Having watched both the development of the equity release market, and Pure’s ascension within it, over the past few years has been interesting, and I’m looking forward to playing a role in the next chapter in Pure’s story going forward.”