Brokers object to 60-year benchmark

PIBA, the country’s largest group of independent brokers, said that setting the benchmark for an older person at age 60 is patronising to those concerned and is unjustly discriminatory.

Arising from concerns around misselling to elderly people, the Financial Services Ombudsman recommended a number of protective measures such as having a family member or a professional third party present when a product is sold.The Financial Regulator has suggested age 60 as the benchmark at which these special measures should apply.