Financial Services Commission

Age UK held a commission on financial services. The commission looked at how to improve financial resilience in later life with the aim of setting out a roadmap of actions to be taken by the industry, regulators and Government.

Why we set up the commission

In this video, Tom Wright, former Chief Executive of Age UK, explains why the commission was set up.

We frequently hear from older people about the problems they face with money matters, and all too often financial institutions seem to be adding to the problem, rather than providing solutions that really work for older people.

We think the financial services industry should be helping people to become and remain financially resilient or better able to cope financially with whatever life throws at them.

What the commission covered

We examined how the financial resilience of older people can be improved. We conducted research, listened to the views and experiences of older people and debated the key issues with leading industry figures.

In June 2014, we set out a roadmap of actions that regulators, Government and industry need to take to improve financial resilience for people in later life.

The commission was co-chaired by Tom Wright, former CEO of Age UK, and Dr Alexander Scott, CEO of the Chartered Insurance Institute.

The commission considered:

How financially resilient are older people and who are most at risk?
What do older people need to become more resilient?
How can things be improved?

We looked at these issues in relation to a wide range of older people at different stages of later life.