The academy, which was responding to the FCA discussion paper ‘Ageing Population and Financial Services’, told the FCA that while segmentation by age and wealth is essential to understanding market needs individual uniqueness - including a person’s real age - should be taken into account.
The Later Life Academy has advised the Financial Conduct Authority to assess people based on their ‘biological age’ instead of their chronological age.
The academy, which was responding to the FCA discussion paper ‘Ageing Population and Financial Services’, told the FCA that while segmentation by age and wealth is essential to understanding market needs individual uniqueness - including a person’s real age - should be taken into account.
The LLA also told the FCA to raise awareness of risks older people face, for example living longer than expected, care needs, and cognitive decline.
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.”
The academy told the FCA that older consumers do not live in one regulatory silo. It argued that rather than having advisers from different related activities the market needs a one-stop shop to meet customers’ needs.
