The financial services sector must ensure products and advice are accessible to consumers that would otherwise fall through the cracks, a conference heard.
Speaking at the Defaqto conference the editor of Times Money Mentor, Georgie Frost, said industry professionals have never been more important in reaching those who are not already financially savvy.
“We must endeavour to meet people wherever they are at, not because we are told to by consumer duty or the Financial Conduct Authority, but because it is the right thing to do,” she said.
Frost said financial services have become "more of a wild west" meaning many people are "falling through the cracks".
“I believe that the role of industry professionals has never been more critical or more challenging,” she added.
She claimed consumers are increasingly disengaged with traditional financial products and advice.
“There are countless families struggling to make ends meet, or the retirees unsure how they will survive on their meagre savings, these are the people who most need accessible, relatable financial products and advice yet too often they are left out of the conversation,” she said.
To address this, Frost argued the UK needs a financial system that is designed for everyone, not just those who are already financially savvy.
“We need products that are accessible, advice and information that is reliable, understandable, relatable and engaging and a system that is transparent and fair,” she said.
However, Frost acknowledged that this new system “won’t happen by accident” and rather as a result of the financial services sector working together.
“The future of finance isn’t just about the next big product or the next regulatory change, it is about people,” she said.
Defaqto's annual conference is taking place today (September 12) in London.
tom.dunstan@ft.com
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