The FCA has published Occasional Paper No. 31 on the ageing population and financial services.
The paper sets out the key findings and outcomes from the Ageing Population Project and the FCA’s strategy for mitigating the potential harm arising. The FCA has found that there are risks that the financial services needs of older people are not being fully met, resulting in exclusion, poor customer outcomes and potential harm. The paper therefore focusses on the issues where the FCA believes that regulations and firms can play a greater role and make a difference to those outcomes.
Issues include:
- retail banking – where many common issues arise for older consumers;
- third party access – ranging from powers of attorney to sharing details like passwords;
- later life lending – ensuring appropriate access for older consumers; and
- long-term care – how the financial services markets responds to the challenge.
In relation to each of the above, the FCA has set out best practices and where it considers it is necessary to change its own rules to promote changes in the market. The FCA concludes that the complex issues identified will require action from multiple parties over time. In addition, the FCA sets out where it envisages working with the government and other bodies to find practical solutions.
The deadline for comments on Occasional Paper is 21 November 2017.
View FCA Occasional Paper on ageing population and financial services, 21 September 2017
