To ask Mr Chancellor of the Exchequer, what discussions he or Ministers of his Department have had with representatives of the (a) insurance, (b) mortgage and (c) banking industry on updating their standard terms and conditions to reflect increased life expectancy and later retirement and pension ages.
Treasury Ministers meet regularly with representatives from the insurance, mortgage and banking industries on a variety of issues. However, there have been no discussions of the effect that increased longevity might have on the terms and conditions for financial products. The terms and conditions of products are a commercial matter for firms. If firms’ terms and conditions are incorrect or could be misleading to consumers, this is a matter for the Financial Conduct Authority.