Financial consumer interest group

KEY OBJECTIVES:

• The group responds to consultative papers and contributes to the wider debate on a variety of subjects with the common denominator being the interests of the consumer.
• It raises the profile of any issue within the financial services industry where the consumer is not being well served and endeavours to address the issue in an impartial, balanced manner.

The group is particularly concerned with consumer issues. It links actuaries and other experts in the field of personal financial planning, whose skills include:     

• knowledge of the investment risk and return relationship
• understanding of products, their strengths and their weaknesses
• understanding of the operation of life offices, distribution and consumer preferences
• knowledge of pensions products, legislation and practical consumer issues

Prior to March 2008, this area was dealt with by the financial consumer support committee.

OUTPUTS:  

• Removing the requirement to annuitise by age 75.  HM Treasury consultation.  Response from the Institute and Faculty of Actuaries, September 2010.
• Review of retail distribution. FSA DP07/01. Response from the Actuarial Profession, December 2007.
• Meeting the needs of maturing pension policyholders. Thoresen review of generic financial advice. Response from the Actuarial Profession. 01 Jun 07.
• Personal accounts: a new way to save. Response from the Institute and Facullty of Actuaries social policy board to DWP consultation paper CM6975.
• Minding the money: carers and the management of financial assets in later life. Report of a scoping study. University of York social policy research unit, 2006.
• Equity release report 2005. Volume 1: Equity relase working party, 2005.
• Equity release report 2005. Volume 2: Equity release working party, 2005.
• Consumer understanding of risk report. Summary report by Alan Goodman, 2004.
• Extending retirement choices: retirement income options for modern needs. 2001.