Age Action Ireland (AAI) has called on the Irish Financial Services Regulatory Authority (IFSRA) to use its influence to introduce legal requirements against the sale of inappropriate financial products to the elderly.
Mr Paul Murray, spokesman for AAI, said: "There should be legal requirements, not just guidelines, against inappropriate financial products for older people.
"Each financial institution should be required to have a designated officer obliged to ensure improper inducements or selling methods are not used with older people," Mr Murray added.
IFSRA invited AAI to its headquarters in Dublin to discuss how to improve access to financial services for older people.
AAI also recommended that it should be an offence for an institution to deal with a vulnerable person if there is any doubt about their ability to fully comprehend a transaction.
