FCA urged to facilitate 'holistic' later life approach

In its response to the FCA Discussion Paper ‘Ageing Population and Financial Services’, the LLA says that the regulator "needs to keep abreast of those changes and react accordingly".

It believes that rather than needing the help of a number of advisers from different regulated activities, consumers require a "holistic one-stop shop" that meets all their needs.

The LLA is urging the FCA to facilitate this holistic approach to wealth drawdown in older age, help consumers accumulate adequate wealth to fund older age needs, and raise awareness of the risks older people face, such living longer than expected, care needs, and cognitive decline.

The FCA Paper was issued by the regulator in February this year and focused specifically at the ways in which financial services meets the needs of older consumers. It has invited collaboration and communication with all stakeholders on issues relevant for older consumers with the view to publishing a series of recommendations for future action in 2017.

Bob Champion, Chairman of the Later Life Academy, said:
 
“The Later Life Academy is pleased that the FCA has taken on the mantle of addressing the issues raised for the financial services industry of an ageing population. There are many issues bubbling under the surface in getting the right support, information, and advice to older people and this has to be a central tenet of any regulatory response, and the drafting of proposals. We acknowledge this is a complex area that requires deep thought and an inclusive debate, which is why the Academy is looking forward to working with the FCA on this project.”