more2life has urged financial advisers to respond to the FCA’s recent call for a new Consumer Duty by the end of July.

The regulator’s new proposal to introduce a Consumer Duty would aim to establish a higher level of consumer protection in retail financial markets.

Plans would see the FCA extending its existing rules and principles to ensure advice firms produce consistently positive outcomes for clients.

The FCA’s 2020 Financial Lives Survey suggested that COVID-19 has increased the number of adults displaying characteristics of vulnerability in the UK to 27.7 million. more2life’s own 2020 Vulnerability Report also revealed that 39% of advisers said they had seen more vulnerable customers over the 12 months, a figure up from 30% in 2019.

As the FCA’s consultation covers the entire retail financial market, more2life stated it is “vitally important” that advisers who speak to later life lending clients on a daily basis feed into the discussions to ensure plans for enhance consumer protections work well for their customers.

more2life corporate marketing director, Stuart Wilson, commented: “As an industry, we need to engage with the FCA as they look to establish a higher level of consumer protection in retail financial markets.

“They are the regulator but they don’t speak to ordinary customers on a daily basis as most later life advisers do so it is vital that you feed into the consultation so they are able fully understand the diverse needs and wants of over-55s.

“The impact of COVID-19 has been felt physically, mentally and financially by most people in the UK – making some more vulnerable than they may otherwise have been. This consultation which focuses on ensuring firms produce consistently positive outcomes for clients will help us to support them better.”

The equity release lender is urging advisers to respond to the FCA’s consultation before it closes on Saturday 31 July.

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