However, Key Advice chief executive Will Hale says the FCA needs to extend its Advice Boundary Guide Review to include later life lending as soon as possible to help trigger the “advice revolution” which it is consulting on for the pensions and investments market.

Rathi’s speech at the JP Morgan Pensions and Savings Symposium said, “fragmented journeys – treating pensions, mortgages, savings and housing wealth as entirely separate challenges – must become a thing of the past.”

It added: “If we continue to treat pensions, mortgages, and savings as separate tracks, we will miss opportunities to help consumers get where they need to be.

However, Hale noted that the proposed Targeted Support model – arising from the Advice Boundary Guide Review and aiming to fill the gap between generic factual guidance and regulated advice – is limited to pensions and investments with later life lending not included so far.

Hale commented: ““His (Rathi’s) most important insight is that there is a need for joined up advice across the market, supporting the requirement for the consideration of all options, but so far the scope of the AGBR work is limited to pensions and investments. That needs to be extended to include consideration of property as soon as possible.

He added: “The speech recognises that how and when people access their housing wealth is increasingly important. It’s welcome rhetoric and all the points mirror those that the later life lending sector has been making for some time. But more pragmatic action is required to remove advice silos, to grow people’s awareness of the options available to them and to reduce the costs involved in acquiring and serving customers so outcomes can be improved.”