The FCA has released a discussion paper entitled 'Ageing Population'. The FCA has recognised that the UK’s population is ageing faster than ever before, which means there is an increasing proportion of older consumers. This discussion paper seeks to get firms, consumer groups and other stakeholders views on how the FCA and the industry can work together to address the range of issues older consumers face with respect to financial services.
The FCA believes older consumers’ lives can be made easier by more effective provision of appropriate financial products and services which help them to manage these risks, and, for example, fund longer periods of retirement. The FCA’s aim is to ensure that consumers have access to products and services that are well-governed and deliver value for money in competitive markets.
In addition to this discussion paper, the FCA will also be undertaking further research and will be working with stakeholders to develop a regulatory strategy that will promote better outcomes for older consumers. It is envisaged that the strategy will be released in 2017. The FCA is seeking comments on the issues raised within the paper and the scope of the project by 15 April 2016.