FS20/12: Intergenerational differences: summary of responses and next steps

Read FS20/12 (PDF)[2]

In May 2019 we launched a discussion – Intergenerational Differences DP19/02[1] – with industry, consumers and their representatives, regulators and academics to understand changing financial needs for UK financial services.

We wanted to publicly test our understanding of the issues faced by different generations and bring together stakeholders to pinpoint where potential action could help the market to meet changing consumer circumstances.

This feedback statement (FS) responds to the views we received and sets out why intergenerational difference is an important issue, with our findings on where the financial services sector can do more to meet consumer needs.

Who this affects

• consumer groups and individual consumers
• charities
• industry groups / trade bodies
• regulated firms
• policy-makers and regulatory bodies
• industry experts and commentators
• academics and think tanks

Next steps

We set 4 external priorities in our Business Plan 2020/21[3]. Our findings on intergenerational differences have not only helped shape the scope and context of these priorities, but also provide a benchmark to evaluate the success of these priorities in improving retail financial markets through future consumer and economic research.

We do not think it would be appropriate or proportionate to pursue bespoke remedies, including rule changes, in response to these findings.