AARP Financial Services Principles

Background

Fair, equitable, and affordable financial products and services are essential to helping people and communities build and maintain wealth. The following principles build upon AARP’s Consumer Rights and Protections Principles to ensure that financial products and services are structured to promote financial resilience for all. 

Create equitable and affordable access to high-quality financial products—the financial marketplace should provide access to high-quality financial products for all consumers, regardless of factors such as age, race, ethnicity, sex, gender identity, sexual orientation, ability level, family status, and income, or geographic location. 

Protect against harmful practices—policymakers should protect against unfair, deceptive, or abusive financial products and services. 

Evaluate ability to repay—loans should only be extended when the borrower can reasonably be expected to repay the debt while covering essential expenses and without needing to refinance or reborrow the loan. 

Require clear and transparent terms—consumers should receive understandable, complete, and accurate information about financial services products in their language of choice. 

Safeguard against scams and fraud—government and industry should prevent and stop fraudulent activity. Federal and state authorities should take legal action against criminals. Consumers’ information, accounts, and resources should be protected. 

Provide accountability in sales practices—financial professionals providing financial advice to individuals should be ethical and transparent. Their recommendations and actions should be in best for individual consumers, rather than their own interest or compensation, using a fiduciary standard.