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FOS called on to tackle longevity issues

The Financial Ombudsman Service (FOS) should play a greater role in raising awareness of longevity risk, according to a financial planner specialising in longevity issues.

In a formal submission to the inquiry into FOS, My Longevity founder and chief executive David Williams – a qualified financial planner who now trains advisers in longevity research methods – said the external dispute resolution service should engage in the longevity debate.

“Traditionally, high quality financial advice is underpinned by expertise in financial matters, by a proper understanding the client and by a process which secures the properly informed commitment of the client,” Mr Williams wrote.

“Longevity research has revealed an extra dimension. There is no plan without a timeframe. Properly exploring the potential timeframe of advice is now possible. It should be a required skill of professional advisers of all kinds, including financial advisers.

“It would be valuable if [FOS] supported the importance of longevity awareness in the development of financial advice and encouraged the training of advisers and their clients in this increasingly important life skill.”

My Longevity has developed a tool called Longevity Adviser, aimed at increasing awareness of the issue for professional advisers, which has been awarded CPD points by the Financial Planning Association.