The U.K. Financial Conduct Authority (FCA) is calling on the financial industry to innovate and help tackle the challenges posed by the country’s aging population.

The FCA on Monday published a discussion paper that aims to “provoke discussion and debate about how financial services work for older consumers.”

“Changing demographics and trends in health and society mean that developing more inclusive financial products and services is increasingly important,” the FCA says in a statement. The discussion paper is intended to spark a discussion about how the regulator and industry “can work together to address the range of issues facing older consumers, when they engage with financial services.”

In particular, the FCA is aiming to “ensure that consumers have access to products and services that are well-governed and deliver value for money in competitive markets,” the regulator says. Financial products and services need to be able to adapt to meet the diverse needs of older consumers, the FCA adds, and it’s also important for younger consumers to be able to properly prepare themselves for the future.

“There is a real and urgent challenge for the financial services sector to develop new and innovative products to meet the needs of our changing population,” says Tracey McDermott, acting chief executive of the FCA. “The publication of this discussion paper is intended to stimulate debate and discussion about these needs and how to meet them.”

“Ultimately, the industry must take the lead but we recognise that the FCA has a key part to play in ensuring we encourage appropriate innovation that also provides proper levels of protection for consumers,” she adds. “This work will help us and the industry to develop our approach with the benefit of insights from others, in particular those representing the end consumers of these services.”

The FCA is working with the industry, trade and consumer groups, and the public sector, to examine best practices and potential approaches to the issues raised in the paper. It is also planning further research and will be developing a regulatory strategy that promotes better outcomes for older consumers.

The FCA is seeking comment on the issues raised in the paper by April 15. The regulatory strategy will be launched in 2017.