Vic, who took on the CEO role in 2020, made the decision to retire from the BDLA during a casual conversation with his wife, Sheila, about possible upcoming holiday destinations. The timing just felt right, he said.

“I'm 79 years of age, so there comes a point where you have to look at yourself and decide where you want to spend the rest of your time.

“The BDLA has been a big part of my life for the past six years… and I've got six grandchildren. There comes a point where you look at things and say, ‘Do you know what, we've had a good run of this’.”

Vic noted that while he felt it was time to slow down, the BDLA had new goals in its sights, and so it was time to hand over the reins to someone new.

“Age is just a number, but I felt it might now benefit the BDLA to bring in someone to take it on and go on to even greater achievements in the sector.”

Achievements

After leaving the RAF in the early 1970s, where he was a keen competitor in its 10-pin bowling team, Vic entered the mortgage industry. Now with over 50 years in the market, he is able to look back on a number of developments in both the association and the wider specialist finance industry.

The BDLA has grown to 55 lenders and, according to Vic, the overall loan books of its lenders has now grown to £13bn.

“We’ve grown the numbers, we've grown the size, [and] we've grown the visibility of the organisation in both the public and the professional eye,” noted Vic.

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Despite this progress, Vic still thinks there is potential for further growth: “There are probably another 250 people or lending firms out there in the market that aren't members of the BDLA. If I have a chagrin, it's been that in those six years I haven't been able to encourage more of them to come on board.”

However, Vic asserted that the introduction of an industry qualification — the CPSP — along with broader education initiatives have helped to enhance the credibility of the sector. With Vic preparing to step down, the BDLA is now exploring new opportunities to expand education and training.

Looking ahead, Vic also highlighted key challenges facing the market — most notably, the growing threat of fraud.

“We have recently entered into an arrangement with Synectics (SIRA) to endeavour to combat fraud, which is a growing evil in the sector.

“This is one area that will need careful attention in the coming months and years as the perpetrators become ever more cunning and resourceful.”

Vic also raised concerns about the growing influence of AI, warning that it could encroach on the role of the broker. If borrowers utilise AI in a search for deals with cheaper rates directly with lenders, more suitable options that offer better overall value, but come at a slightly higher cost, may be overlooked.

“While AI will have many benefits, it could eventually prove to be a problem in the advice chain, enabling clients to deal directly with lenders rather than advisers,” explained Vic.

“There is no substitute for sound, qualified advice, and I hope that technology will not remove the benefit of advice in the future.”

As the executive board looks for a new CEO to fill Vic’s shoes, he still plans to stay involved in the sector even after he steps down, helping his sons in their operation of OMS. The possibility of NED roles is also something he is currently entertaining.

Throughout his time in the BDLA and his wider career, Vic has continued to work with one core value in mind: “It's always been for the consumer.

“We don't have a job without a consumer, so it's important that we do everything we can within our power to make the journey easy, accessible, rewarding, and appropriate for the consumer.”

While his career has been committed to putting customers first, it’s also been one that’s brought personal rewards: “I'd just like to say thank you to the industry as a whole, because it's given me an amazing career, one I could never possibly have envisaged when I stepped away from the Air Force in 1972.

“My last comment would be one of gratitude to the mortgage industry for giving me the life I've had.”