Trends that the FCA’s have identified and addressed include:
- the impact of environment, technology and access in limiting the ability of older people to engage and transact
- the impact of formal and informal upper age limits in the mortgage sector in limiting older people's ability to borrow into later life
reliance on third parties, formally and informally, to make investment and financial decisions
the challenge posed by declining cognitive abilities, leading to difficulties processing, retaining and recalling information
Several of the report's findings also apply more widely, and the regulator is keen to stress that life events such as bereavement can affect people at any age. Firms must be prepared to adjust their treatment of consumers as their needs evolve, and not simply cater solely for the 'average consumer'.