IFAs are urging the Treasury to bring in full regulation of long-term care products as soon as possible and not delay by including other health ins- urance in the exercise.
One of the options in the Treasury consultation released in December suggests introducing regu- lation of critical-illness cover and private medical insurance as well as LTC.
But IFA Care, an organisation made up of IFAs who specialise in LTC products, says the industry and public has already had to wait too long for regulation. It says the Government should act as quickly as possible and worry about other healthcare products later.
It will be making this point in its response to the consultation exercise.
The organisation has appointed 11 regional co-ordinators to raise the profile of the need for LTC insurance among the public and of the organisation among IFAs.
The co-ordinators will all be IFAs and members of IFA Care. They will be responsible for talking to the local press, arranging and chairing local and regional meetings and encouraging potential new members to join the group.
IFA Care chairman Graham Fidoe says: “The role of the regional co-ordinators is an important one, we will be looking to them to significantly raise the profile of LTC insurance of IFA Care in their areas.”
Specialist IFA, the Annuity Bureau and Income Drawdown Advisory Bureau is to set up an associated company which will be aimed at the LTC market.
Former Norwich Union LTC specialist Robert Granger will head the operation which is expected to start trading in April.