She said the FSCS’ own research shows that consumers are making decisions today which could have lasting consequences.
As a result of the cost-of-living crisis, 27 per cent told FSCS that they are taking more risks with their money, and more than one in five said they have decreased or stopped contributions to their pension.
Around a third had either already moved money from their pension to invest it elsewhere or planned to do so over the next six months.
“Once the festive season is over and people take stock of their finances in the new year, it will be vital to ensure support is available so that consumers are not inappropriately exposed to risks beyond their appetite which could lead to claims in the years to come,” she said.
“Being prepared for the future is something that is core to FSCS’s plans in 2023. Ensuring we are able to respond to changing demands is central to our strategy, and we will be investing in our systems to ensure our capability continues to keep pace with the variety and complexity of claims coming to us, and so that we can continue to run an efficient service.”
sonia.rach@ft.com
What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know
