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20 September 2016

Ageing Population: Update from the FCA

In February 2016 the FCA published a discussion paper on the ageing population which looked at the way that financial services meet the needs of older consumers.  Shifts in demography offer a range of opportunities and challenges that both the industry and regulators will need to address for the future.

Views have now been gathered from a range of stakeholders and a work plan focusing on 6 key areas has been initiated with the aim of helping to shape and encourage change in financial markets:

• Is there more that can be done to help consumers navigate markets where upper age limits exist?

• What happens as the mind ages and what does this mean in terms of products, services and distribution?

• How can firms help consumers to better engage with products and services in retail banking?

• How can we work with our stakeholders to support those people who require third-party access?

• Can older people and their families access regulated advice for long-term care?

• How can the FCA build on existing industry initiatives to facilitate mortgage lending to older consumers?

The FCA's Ageing Population Strategy will be launched in Summer 2017.  For more information on the discussion paper, work plan and its objectives, visit the FCA's website... 

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