Equalities Bill 'could be bad for over 50s finance options'

The government has been urged to help protect over 50s finance options during the economic downturn.

According to the Building Societies Association (BSA), accounts designed specifically for older people could become illegal if the Equalities Bill becomes law.

The group has therefore called on the government to take action to ensure that over-50s do not lose out if silver saver accounts are abolished.

Adrian Coles, director general of the BSA, commented: "It concerns us that this legislation could result in the loss of an account that meets the important social need of older savers."

He added that while the group backs efforts to outlaw "unjustifiable" age discrimination, he said these accounts have a legitimate role to play.

This echoes recent comments from the Association of British Insurers, which said insurance providers should be able to take age into account when calculating premiums.

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