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.
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