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.