The UK regulator is urging more thinking on how to deal with the ageing population.
The Financial Conduct Authority (FCA) says regulators and firms must work together to create more “inclusive products”.
A discussion paper has been launched today which looks at how older people could better engage with financial services in the years to come.
Products and services designed for a ‘typical’ consumer are not flexible enough to capture individual situations, the FCA says, basing the statement on feedback from stakeholders. Firms and consumer organisations have told the FCA that it is “more important than ever” that financial products and services are able to adapt to meet the needs of older consumers.
Firms should also consider how younger people have access to information and services that they will benefit from when they are older, the regulator says.
Tracey McDermott, acting chief executive of the FCA, said: “The number of people aged over 65 in the UK is expected to increase by 1.1 million in the next five years. 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.”
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