IFAs would support regulation of long-term care and equ ity-release products, acc ording to a survey by Age Con cern Financial Partnerships.
The results foreshadow an expected Treasury decision by the end of the year to introduce regulation for the LTC market.
AGFP surveyed 1,500 IFAs through its website and found the response was overwhelmingly in favour of the Gov ern ment introducing regula tion of LTC and equity rele ase, both of which are currently non-regulated products.
Many within the industry claim lack of regulation is one of the reasons why LTC products have not bec ome more popular with consumers. An internal Treasury committee is exp ected to recommend the introduction of a Catmark for LTC products.
ACFP technical manager Chris Ellicott says: “We have continually said that long-term care insurance should be regulated. The result of this survey shows IFAs are not seeking to hide from this matter and want to see regulation introduced as well.”
Portfolio Insurance Con sultancy principal Brian Lentz says: “These products should be regulated. Equity release h
as had such a bad press in the past. The problem with it is not that it is a bad product but that the sales method has been at fault.”