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Bright Grey claims regulation is stifling LTC market

Bright Grey product director Roger Edwards says providers will not move back into the long-term care market until the FSA relaxes regulation.

He says the introduction of the CF8 LTC qualification for advisers in 2004 seriously limited distribution and many providers decided it was not viable to remain in the market.

Partnership Assurance is currently the only pre-funded LTC provider although Lincoln Financial Group last year launched a critical-illness policy with an LTC bolt-on.

Bright Grey used to offer an affordable LTC option with its income protection product which paid regular income to fund care but this was scrapped because it had to be sold by CF8 advisers.

Edwards says: “This qualification will always be an inhibitor. Providers have got to have a distribution channel. Funding for long-term care is on the political radar at the moment so the FSA may well be told to go away and rethink current regulation. If things do not change, it is unlikely that any provider will move in.”

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