In an ageing society, more and more of us are likely to become vulnerable consumers, even if just temporarily.
The likelihood for example, of physical disability, serious illnesses, digital exclusion and dementia increase with
age. And as our society is ageing we are witnessing a higher proportion of our population in old age with a
growing number of people reaching their eightieth year and beyond.
There is also a need to better serve vulnerable consumers. The FCA has argued that the “financial services
market is not serving many consumers in vulnerable circumstances consistently or well”. In fact, they go as far as saying that “customers in vulnerable circumstances are being let down by their financial service providers”.