The Financial Conduct Authority (FCA) has launched a discussion paper to learn how financial services firm can better engage with an increasingly ageing population.
The Ageing Population Discussion Paper looks at current issues surrounding increasing longevity and how retirees could be better assisted in meeting the challenges of resourcing their longer lives.
The Association of British Insurers, Pensions Policy Institute and The Pensions Regulator (TPR) contributed to the paper, alongside other bodies.
In the paper Social Market Foundation research director Nigel Keohane recommended the government should introduce a mid-retirement financial health check to assist people at age 75 to confront the challenge of resourcing their longer lives and plan appropriately.
"Such as move would have the additional benefit of addressing concerns associated with cognitive decline in older age by encouraging individuals who drawdown their retirement resources each year to put in place mechanisms for the management of their resources in old age," he added.
FCA acting chief executive Tracey McDermott said: "There is a real and urgent challenge for the financial services sector to develop new and innovative products to meet the needs of our changing population.
"This discussion paper is intended to stimulate debate and discussion about these needs and how to meet them. This work will help us and the industry to develop our approach with the benefit of insights from others, in particular those representing the end consumers of these services."
The deadline for responses to the paper is Friday 15 April 2016 with the FCA planning to publish a series of recommendations for future action in 2017.
Questions from the discussion paper:
- Do you have any views on the ideas set out in this Discussion Paper and can you suggest areas of focus that would improve financial markets for older consumers?
- Are there specific products, services or distribution channels that are particularly associated with poor outcomes for older people?
- What is the role of industry and other stakeholders (collectively as a market or at an individual firm level) in addressing the issues identified?
- Do you have any evidence of effective approaches to meeting the needs of older people that you have already developed and tested, or that you have observed in other markets (UK and international)?
- Do you have any evidence of regulatory barriers that prevent effective markets for older people?
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