A think tank on later life care is urging the financial sector to back its search for solutions to tackle vulnerability later in life.

The International Longevity Centre (ILC-UK), along with specialist financial services group Just, have launched a major initiative called Innovating for Ageing which will bring together experts, innovators and groups who work to support vulnerable consumers.

The project will identify and support the development of products and services that address the challenges faced by ageing consumers at risk of vulnerability due to physical disability, serious illness, dementia or financial exclusion.

The project also aims to:
• Promote better understanding of issues that effect the vulnerable population
• Identify solutions to specific problems facing vulnerable consumers
• Organise events and awards to recognise collaboration and new thinking
• Identify and highlight key lessons and good practice
• Report back on public policy implications

David Sinclair, director of ILC-UK, said he was keen to talk to individuals and organisations keen to participate in the Innovating for Ageing initiative.

He said: “Our ageing society is a driver for increasing levels of vulnerability – more people with dementia, with sight and hearing loss, and multiple long-term health conditions, for example.

“This project aims to seek out technological and policy innovations and solutions, with an aim to removing barriers and ultimately rethinking the products and services that are available on the market.”

The launch responds to increasing scrutiny of how financial services companies are addressing vulnerability, said ILC-UK.

The FCA has argued the market “is not serving many consumers in vulnerable circumstances consistently or well” and that “customers in vulnerable circumstances are being let down”.

Innovating for Ageing also aims to respond to the vision set out by the FCA in its recent Our Future Approach to Consumers document, which calls on the financial services industry to better support vulnerable customers.

The FCA said it wants to see:
• Consumers that are enabled to buy the products and services they need because the environment in which they are sold is clear, fair and not misleading, with a good choice architecture;
• High-quality, good value products and services that meet consumers’ needs;
• Inclusion – where everyone is able to access the financial products they need and the needs of vulnerable consumers are taken into account;
• Protection – consumers are appropriately protected from harm.