Former Millfield chief executive Paul Tebbutt has rejoined the financial services industry to launch a new product for the retirement market which he says is “revolutionary”.
Tebbutt, who stepped down as Millfield chief executive in May last year, has taken the role of vice-president for Europe and the UK at International Wealth Solutions which is a global equity-release specialist which will be launching a retirement product towards the end of the year.
IWS has offices in Singapore, the UK and Australia and aims to offer a range of next-generation equity-release products.
Tebbutt says: “It is nice to be back with a new financial institution which will revolutionise the way people use their retirement. I have spent 35 years of my life designing products. I am not disillusioned with the industry and I have a lot to contribute. Losing Millfield was soul-destroying. I brought the wrap account to the UK and unfortunately I was ahead of my time but this new product will change the way people view their assets in retirement with the launch of this new product.”