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Apfa: Govt must go further on LTC advice signposting

Apfa is calling on the Government to allow local authorities to champion financial advice for long term care self-funders who they signpost towards regulated advice.

Under the Care Act, local authorities will be required to signpost those who self-fund their long term care to a financial adviser. Under proposed guidance for councils on the requirement they should “actively help direct a person to a choice of adviser”.

In its response to the consultation on the guidance, Apfa says councils should be made aware of the resources available for finding an adviser and tell self-funders they may get better outcomes if they see a regulated adviser.

Apfa director general Chris Hannant says: “This means making local authorities aware of adviser directories like the Society of Later Life Advisers or Paying for Care. It also means ensuring they are confident explaining to people what information they’ll need to provide when meeting with an adviser, and what questions they should prepare to be asked.

“We want to ensure that local authorities are able to explain to people that they may have more options and achieve better outcomes if they seek regulated financial advice.

“For the Care Act to realise its potential, giving people access to information about the full range of products available is crucial and this can only be obtained from a regulated financial adviser. Financial advice may not end up being appropriate for everyone, but the danger is that without it, people do not consider all the options available to them and therefore miss out on the best solution for their circumstances.

In July, Money Marketing reported concerns from Partnership that the proposed guidance did not go far enough and should include some form of best practice so councils know what is expected of them.

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Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Gypsum Fantastic 15th August 2014 at 12:47 pm

    It’s disappointing to see that APFA have not ‘slammed’ anyone this time around

  2. Apart from the steep costs of LTC, isn’t the biggest problem a complete lack of products to insure against them? This isn’t an area of which I advise but, if it were, I’m not sure what I could provide other than a summary of all the information freely available online and from other sources (CAB, MAS, etc). Shouldn’t APFA be pressing for the creation of LTC insurance products, preferably with the benefit of tax relief on the premiums?

  3. Previously Julian you were talking confidently about LTC insurance products now we seem to have switched to calling for there creation. Either way you are wasting your time calling for tax relief. Not going to happen wouldn’t work even if it did. As you say it’s not an area upon which you advice….thankly

  4. What, if any, evidence do you have in support of your opinion that LTC insurance products with tax relief on the premiums wouldn’t work? Why is it a waste of time to call for such products?

    And what advice do you give people who come to you in need of advice on the looming massive costs of LTC but without the funds and income available to meet them?

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