Financial Capability Strategy Older People in ... AWS
Financial Capability Strategy Older People in Retirement Steering Group Minutes Date: Time: Location: Chair:
Tuesday 17 October 2017 10.30-12.30 MAS offices, 120 Holborn, London, EC1N 2TD
Attendees Alan Nicholls, Lloyds | Luke Price, Centre for Ageing Better | Christopher Quince, Barclays | David Sinclair, ILC | Evelyn Hoy, COPNI | Gary Millner, Tax Volunteers | Jane Finnerty, SOLLA | Melinda Riley, TPAS | Victoria McLoughlin, FCA Apologies June Deasy, UK Finance | Ronnie Wilson TSB Money Advice Service attendees Steve Stillwell, Financial Capability | Mike Reddaway, Policy Invite Guest Sarah Sinden, UK Finance
1.
Welcome
1.1
The chair welcomed the group and set out the focus of the meeting. The minutes were approved & actions agreed Actions: The chair mentioned that they were keen for the group to maintain dialogue in between meetings
2.
Knowledge Sharing Session
2.1
UK Finance – Take Five Campaign Sarah updated the group on the Take 5 campaign. She explained the campaign started in September 2016 and the idea of the campaign was to encourage people to take 5 mins to avoid being a victim of a scam, particularly when receiving a phone call. She described the types of scams around are based on the trust reflex, explaining people may be more inclined to give their personal details away if they believe the call is from a trusted source, such as their bank.
2.2
Phase 2 of Take 5 will target priority audiences, looking at those who are particularly more trusting. She went on to clarify the strategy of the project is to establish increased confidence and empowering people to feel more comfortable with saying no.
2.3
Call to Action, Take 5 to stop fraud. Sarah described the project was about getting the message out into the wider world via social media, radio, PR, partnerships and many more.
Minutes OPiRSG 20171017
The phrase being advertised is • My money • My info • I don’t think so
2.4
Sarah went on to advice the group the target audience for Phase 3 will be the older age group and that they were looking to work with Age UK. She went on to say there was a need to understand how they can best work with the older age group. ACTION: Sarah to share the launch dates the new phases with the group
ACTION: SSt asks if there is something more the group to do to help prevent scams, group to discuss at next meeting
2.a
2A Knowledge sharing Victoria McLoughlin shared the FCA’s aging population strategy. She explained there were 5 key work streams & wanted to highlight the challenges. She expressed the need to have good practice, she also explained that the changing demographic will shape the future of financial services
2.1
The FCA are keen to share the research reports due out in September 2017 and explained some of the challenges affecting the older consumer, explaining that complex tasks are harder for older people, cognitive decline starts at 55.
2.2
Victoria also reached out to the group for their input and ideas of further work the FCA can do to support the aging population and raise the profile of the OPIR. The group expressed the desire to keep the message alive and want to identify how financial capability of older people make them good consumers ACTION: The group to send responses on how to keep the message alive to Steve Stillwell
3.0
Age UK Research – Planning for and managing life events in later life A gap in evidence knowledge was the reason behind the research. The various phases were explained. The group reviewed the life events of the older person in retirement and asked what good looks like for people with health and wealth issues along with housing facilities and social networks concerns. ACTION: data to be collated and feedback to the group
4.0
Steve Stillwell gave a brief overview of the FinCap week and explaining how to get involved
Minutes OPiRSG 20171017
2
Meeting closed, next meeting 25 January 2018
Older People in Retirement Steering Group Action Log Ref 30
32
47
48 49
50 51
52
Action MAS to share more information with the OPIR steering group on the composite measures and how the measures relate to older people. MAS to invite a representative of the behaviour change strand of the Joint Fraud Taskforce to a future meeting to discuss their work.
Owner MAS
MAS to circulate the Building Blocks publication with the minutes JD to share a contact at the FFA working on financial abuse JV to share Age UKs safeguarding protocol to include/reference in the guidance notes for the Outcomes Framework JV to share Age UK work on messaging re scams MAS to share the draft of the Outcome Framework, SG members to review and provide detailed comments. MAS to share fincap survey questions asked to older people
MAS
Complete
JD
End May
JV
Complete
Minutes OPiRSG 20171017
Date due ongoing
Update Complete – Building Blocks work circulated with the minutes
Future meeting (dependant on agenda)
Circulated with minutes
JV MAS
MAS
Will be shared before end May
Complete (see update)
Currently there is one question asked to respondents over 50: How much of a plan do you have for how you will pay for any long-term care you might need in old age? (with a response scale about how specific the plan is)
3
53
AH & MAS to follow up discussions about joint support for the research
MAS & AH
Complete
54
SG members to suggest projects or organisations whose work is relevant to the priorities in the plans and could contribute learning and understanding to the development of the plans. JD to share summary of initial findings to be circulated to the group with the minutes
SG
Ongoing
JD
Complete (see update)
FCA & CFAB to share more detailed updates at future meeting
MAS & VM & AH
11 July (or appropriate future meeting)
55
56
Minutes OPiRSG 20171017
Discussion took place – research proposal shared for comment with minutes
Summary of research can be found here
4
Tuesday 17 October 2017 10.30-12.30 MAS offices, 120 Holborn, London, EC1N 2TD
Attendees Alan Nicholls, Lloyds | Luke Price, Centre for Ageing Better | Christopher Quince, Barclays | David Sinclair, ILC | Evelyn Hoy, COPNI | Gary Millner, Tax Volunteers | Jane Finnerty, SOLLA | Melinda Riley, TPAS | Victoria McLoughlin, FCA Apologies June Deasy, UK Finance | Ronnie Wilson TSB Money Advice Service attendees Steve Stillwell, Financial Capability | Mike Reddaway, Policy Invite Guest Sarah Sinden, UK Finance
1.
Welcome
1.1
The chair welcomed the group and set out the focus of the meeting. The minutes were approved & actions agreed Actions: The chair mentioned that they were keen for the group to maintain dialogue in between meetings
2.
Knowledge Sharing Session
2.1
UK Finance – Take Five Campaign Sarah updated the group on the Take 5 campaign. She explained the campaign started in September 2016 and the idea of the campaign was to encourage people to take 5 mins to avoid being a victim of a scam, particularly when receiving a phone call. She described the types of scams around are based on the trust reflex, explaining people may be more inclined to give their personal details away if they believe the call is from a trusted source, such as their bank.
2.2
Phase 2 of Take 5 will target priority audiences, looking at those who are particularly more trusting. She went on to clarify the strategy of the project is to establish increased confidence and empowering people to feel more comfortable with saying no.
2.3
Call to Action, Take 5 to stop fraud. Sarah described the project was about getting the message out into the wider world via social media, radio, PR, partnerships and many more.
Minutes OPiRSG 20171017
The phrase being advertised is • My money • My info • I don’t think so
2.4
Sarah went on to advice the group the target audience for Phase 3 will be the older age group and that they were looking to work with Age UK. She went on to say there was a need to understand how they can best work with the older age group. ACTION: Sarah to share the launch dates the new phases with the group
ACTION: SSt asks if there is something more the group to do to help prevent scams, group to discuss at next meeting
2.a
2A Knowledge sharing Victoria McLoughlin shared the FCA’s aging population strategy. She explained there were 5 key work streams & wanted to highlight the challenges. She expressed the need to have good practice, she also explained that the changing demographic will shape the future of financial services
2.1
The FCA are keen to share the research reports due out in September 2017 and explained some of the challenges affecting the older consumer, explaining that complex tasks are harder for older people, cognitive decline starts at 55.
2.2
Victoria also reached out to the group for their input and ideas of further work the FCA can do to support the aging population and raise the profile of the OPIR. The group expressed the desire to keep the message alive and want to identify how financial capability of older people make them good consumers ACTION: The group to send responses on how to keep the message alive to Steve Stillwell
3.0
Age UK Research – Planning for and managing life events in later life A gap in evidence knowledge was the reason behind the research. The various phases were explained. The group reviewed the life events of the older person in retirement and asked what good looks like for people with health and wealth issues along with housing facilities and social networks concerns. ACTION: data to be collated and feedback to the group
4.0
Steve Stillwell gave a brief overview of the FinCap week and explaining how to get involved
Minutes OPiRSG 20171017
2
Meeting closed, next meeting 25 January 2018
Older People in Retirement Steering Group Action Log Ref 30
32
47
48 49
50 51
52
Action MAS to share more information with the OPIR steering group on the composite measures and how the measures relate to older people. MAS to invite a representative of the behaviour change strand of the Joint Fraud Taskforce to a future meeting to discuss their work.
Owner MAS
MAS to circulate the Building Blocks publication with the minutes JD to share a contact at the FFA working on financial abuse JV to share Age UKs safeguarding protocol to include/reference in the guidance notes for the Outcomes Framework JV to share Age UK work on messaging re scams MAS to share the draft of the Outcome Framework, SG members to review and provide detailed comments. MAS to share fincap survey questions asked to older people
MAS
Complete
JD
End May
JV
Complete
Minutes OPiRSG 20171017
Date due ongoing
Update Complete – Building Blocks work circulated with the minutes
Future meeting (dependant on agenda)
Circulated with minutes
JV MAS
MAS
Will be shared before end May
Complete (see update)
Currently there is one question asked to respondents over 50: How much of a plan do you have for how you will pay for any long-term care you might need in old age? (with a response scale about how specific the plan is)
3
53
AH & MAS to follow up discussions about joint support for the research
MAS & AH
Complete
54
SG members to suggest projects or organisations whose work is relevant to the priorities in the plans and could contribute learning and understanding to the development of the plans. JD to share summary of initial findings to be circulated to the group with the minutes
SG
Ongoing
JD
Complete (see update)
FCA & CFAB to share more detailed updates at future meeting
MAS & VM & AH
11 July (or appropriate future meeting)
55
56
Minutes OPiRSG 20171017
Discussion took place – research proposal shared for comment with minutes
Summary of research can be found here
4
