The financial services industry must inject innovation and quality whilst putting customers at the heart of financial products and services if it is to adequately respond to the Dilnot Commission on Funding Care and Support, according to Age UK Enterprises, the commercial services arm of charity Age UK.
Gordon Morris, managing director of Age UK Enterprises said: "The Dilnot Commission has provided a clear call to action. The financial services industry must do more to help consumers meet the challenge of funding their later life, including meeting long term care costs.
“Providers must improve what is available and put the diverse and changing financial needs of those in later life at the heart of product development.
"Recognising that those in later life need more options available to them when it comes to releasing income in retirement, we recently launched an equity release product and annuities service. High quality, customer focused products such as these could provide a means of improving finances for some individuals.
“As an industry now is the time to be focusing our efforts to deliver greater innovation and choice and help people financially prepare for later life."
