Over 50s' finances 'must be protected by regulations'

The Financial Services Consumer Panel has called for more protection and advice to be provided for over 50s looking for financial products to help them manage their savings later in life.

A new report from the independent body has raised concerns over the increasing complexity of over 50s finance options such as new-style annuities, as well as the ability of financial advisers to provide older people with clear and comprehensive guidance on such matters.

The panel therefore called for the Financial Services Authority and other bodies to better regulate the market in order to increase the quality of service being provided.

Adam Phillips, chairman of the consumer panel, said: "It is crucial that people who have worked hard to save for their retirement are able to get appropriate advice and buy financial products which are value for money to sustain them into old age."

Earlier this week, insurer LV= called for the equity release process to be made simpler and more accessible to make it a viable option to more over 50s looking to free up retirement funds.

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