You are here: Home - News -

More 2 Life asks advisers to support later life market with FCA consultation feedback

by:
  • 18/06/2021
  • 0
More 2 Life asks advisers to support later life market with FCA consultation feedback
Equity release lender More 2 Life has asked advisers to respond to the consultation on a proposed new Consumer Duty regulation by the Financial Conduct Authority (FCA).

 

The lender said adviser feedback would help to ensure the needs of later life customers were accurately captured as part of the consultation.

The FCA has proposed introducing a new Consumer Duty to ensure advice firms consistently produce positive outcomes for customers.

The 2020 Financial Lives Survey by the FCA found that the health crisis had increased the number of people in the UK showing signs of vulnerability to 27.7 million, with those age 55 and older highly represented.

More 2 Life’s own 2020 Vulnerability Report showed 39 per cent of advisers had seen more vulnerable customers within the past 12 months.

“It is vitally important that advisers who speak to later life lending clients on a daily basis feed into the discussions to ensure the plans for enhanced consumer protections work well for their customers,” said Stuart Wilson, corporate marketing director at More 2 Life.

“The FCA is the regulator, but they don’t speak to ordinary customers on a daily basis as later life advisers do. It is vital that advisers feed their views into the consultation process, so that the regulator is better able to fully understand the diverse needs and wants of over-55s,” Wilson said.

The deadline for feedback is 31 July this year, and advisers can submit comments online here.

The full consultation paper, cp21-13, is available on the FCA website here.

Related Posts

Tags

There are 0 Comment(s)

You may also be interested in