Financial Capability Strategy Older People in Retirement Steering ...
Financial Capability Strategy Older People in Retirement Steering Group Minutes Date: Time: Location: Chair:
Wed 25 Jan 2017 10.00-12.00 MAS offices, 120 Holborn, London, EC1N 2TD Jane Vass
Attendees Ali Hawker, Centre for Ageing Better | Christopher Quince, Barclays | David Sinclair, ILC | Elizabeth Dumergue, TSB | Gary Millner, Tax Volunteers | Jane Finnerty, SOLLA | Jane Vass, Age UK | Melinda Riley, TPAS |
Apologies June Deasey, CML | Victoria McLoughlin, FCA Money Advice Service attendees Fiona Hague, Financial Capability | Inigo Churchill, Financial Capability | Lizzie Jordan, Insight & Evaluation | Rebecca Langford, Policy 1.
Welcome
1.1
The chair welcomed the group and explained the focus of the meeting to develop the action for the group in 2017.
2.
Action Plan Workshop
2.1
In smaller groups the steering group reviewed the action plan and made suggestions of amends and additions that could be added to the plans.
2.2
The groups then shared thoughts on the plans, the discussion included: General Moderating expectations on the ultimate outcome this theme of the Strategy was driving towards, or reshaping the ultimate goal in terms of ‘making money so easy to manage for older people that they don’t have to worry about it’
2.3
Planning Ahead Engaging with OPG to understand their data better Developing a metric to reduce the average age at with a Lasting Power of Attorney is taken out Better understanding the barriers to taking out an LPA (eg who should be my LPA) and developing guidance positions/support services to overcome barriers Goals of helping older people maintain control and giving people confidence to take the next steps Understanding people’s starting points and understanding what good behaviour looks like The need to breakdown what being ‘prepared for later life’ actually looks like to understand where there are gaps Acknowledgement that the change was not just about individual consumers
Minutes OPiRSG 20170125
1
2.4
A need to segment or look at different cohorts of older people to understand what success looks like for who, and determine where the group/strategy should focus efforts. The group discussed maybe working back from the risk factors to identify who to target
The group agreed that defining the behaviours required for someone to be prepared financially for later life was the most important activity to focus on. Digital inclusion and fincap Discussion about digital as an enabler to help consumers do the things that they need to do at that specific point in their lives The abilities that consumers need for this If this was about using a new channel or about that channel supporting and improving an individual’s ability to manage their money/their fincap Understand which consumers can be helped through increasing digital skills, what they should be able to do and how it is best to increase their skills Understand which consumers improved digital skills isn’t the answer and understanding what the solutions are for these people A report on Open Banking by Faith Reynolds was recommended Action: CQ to share Open Banking Report so MAS can circulate to the group
2.5
43
The group also discussed if there was a need for a wider futures scanning exercise to identify areas to factor into planning. Action: MAS to update the action plans based on group input.
44
Action: Group to work on better defining planning for later life
45
3.
Report back from ‘Effective Messaging on Planning Ahead’ roundtable and FCA Third Party Access work
3.1
The notes from the roundtable on effective messaging were shared with the group and formed part of the discussions on the action plans.
3.2
VM was unable to attend the meeting and update on the FCA Ageing Population work.
4.
Minutes of previous meeting
4.1
The minutes of the previous meeting were approved.
5.
Strategy Updates
5.1
FH ran through the Strategy Update Paper and the group noted plan to run Financial Capability Week from 13-19 November 2017.
5.2
The group also discussed the project to develop the FinCap Outcomes Framework for Older People and how this work could be fed back into the group to inform discussions on defining planning for later life.
Minutes OPiRSG 20170125
2
Action: MAS to add Outcomes Framework item to agenda for next meeting to feed learning and insight from this process to the group. 6.
AOB
6.1
AH mentioned that Centre for Ageing Better were scoping so work looking at planning for later life earlier particularly around the attitude/intention gap.
6.2
The chair brought the meeting to a close
46
Older People in Retirement Steering Group Action Log Ref 30
32
43 44 45
46
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
Minutes OPiRSG 20170125
Update
Future meeting (dependant on agenda)
CQ to share Open Banking Report CQ/MAS so MAS can circulate to the group MAS to update the action plans MAS based on group input. Group to work on better defining All planning for later life
MAS to add Outcomes Framework item to agenda for next meeting to feed learning and insight from this process to the group.
Date due ongoing
MAS
Circulated with papers 22 March Ongoing
Plan to take this work forward to be agreed
22 March
3
Wed 25 Jan 2017 10.00-12.00 MAS offices, 120 Holborn, London, EC1N 2TD Jane Vass
Attendees Ali Hawker, Centre for Ageing Better | Christopher Quince, Barclays | David Sinclair, ILC | Elizabeth Dumergue, TSB | Gary Millner, Tax Volunteers | Jane Finnerty, SOLLA | Jane Vass, Age UK | Melinda Riley, TPAS |
Apologies June Deasey, CML | Victoria McLoughlin, FCA Money Advice Service attendees Fiona Hague, Financial Capability | Inigo Churchill, Financial Capability | Lizzie Jordan, Insight & Evaluation | Rebecca Langford, Policy 1.
Welcome
1.1
The chair welcomed the group and explained the focus of the meeting to develop the action for the group in 2017.
2.
Action Plan Workshop
2.1
In smaller groups the steering group reviewed the action plan and made suggestions of amends and additions that could be added to the plans.
2.2
The groups then shared thoughts on the plans, the discussion included: General Moderating expectations on the ultimate outcome this theme of the Strategy was driving towards, or reshaping the ultimate goal in terms of ‘making money so easy to manage for older people that they don’t have to worry about it’
2.3
Planning Ahead Engaging with OPG to understand their data better Developing a metric to reduce the average age at with a Lasting Power of Attorney is taken out Better understanding the barriers to taking out an LPA (eg who should be my LPA) and developing guidance positions/support services to overcome barriers Goals of helping older people maintain control and giving people confidence to take the next steps Understanding people’s starting points and understanding what good behaviour looks like The need to breakdown what being ‘prepared for later life’ actually looks like to understand where there are gaps Acknowledgement that the change was not just about individual consumers
Minutes OPiRSG 20170125
1
2.4
A need to segment or look at different cohorts of older people to understand what success looks like for who, and determine where the group/strategy should focus efforts. The group discussed maybe working back from the risk factors to identify who to target
The group agreed that defining the behaviours required for someone to be prepared financially for later life was the most important activity to focus on. Digital inclusion and fincap Discussion about digital as an enabler to help consumers do the things that they need to do at that specific point in their lives The abilities that consumers need for this If this was about using a new channel or about that channel supporting and improving an individual’s ability to manage their money/their fincap Understand which consumers can be helped through increasing digital skills, what they should be able to do and how it is best to increase their skills Understand which consumers improved digital skills isn’t the answer and understanding what the solutions are for these people A report on Open Banking by Faith Reynolds was recommended Action: CQ to share Open Banking Report so MAS can circulate to the group
2.5
43
The group also discussed if there was a need for a wider futures scanning exercise to identify areas to factor into planning. Action: MAS to update the action plans based on group input.
44
Action: Group to work on better defining planning for later life
45
3.
Report back from ‘Effective Messaging on Planning Ahead’ roundtable and FCA Third Party Access work
3.1
The notes from the roundtable on effective messaging were shared with the group and formed part of the discussions on the action plans.
3.2
VM was unable to attend the meeting and update on the FCA Ageing Population work.
4.
Minutes of previous meeting
4.1
The minutes of the previous meeting were approved.
5.
Strategy Updates
5.1
FH ran through the Strategy Update Paper and the group noted plan to run Financial Capability Week from 13-19 November 2017.
5.2
The group also discussed the project to develop the FinCap Outcomes Framework for Older People and how this work could be fed back into the group to inform discussions on defining planning for later life.
Minutes OPiRSG 20170125
2
Action: MAS to add Outcomes Framework item to agenda for next meeting to feed learning and insight from this process to the group. 6.
AOB
6.1
AH mentioned that Centre for Ageing Better were scoping so work looking at planning for later life earlier particularly around the attitude/intention gap.
6.2
The chair brought the meeting to a close
46
Older People in Retirement Steering Group Action Log Ref 30
32
43 44 45
46
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
Minutes OPiRSG 20170125
Update
Future meeting (dependant on agenda)
CQ to share Open Banking Report CQ/MAS so MAS can circulate to the group MAS to update the action plans MAS based on group input. Group to work on better defining All planning for later life
MAS to add Outcomes Framework item to agenda for next meeting to feed learning and insight from this process to the group.
Date due ongoing
MAS
Circulated with papers 22 March Ongoing
Plan to take this work forward to be agreed
22 March
3
