View more on these topics

Concerns raised over advisers’ role in LTC funding

Parliament-Building-UK-London-700x450.jpg

Concerns have been raised about the role of financial advisers in long-term care funding after the Care bill failed to explicitly state local authorities must point people to regulated advisers.

In the Care bill, published last week, the Government says local authorities must signpost people looking for long-term care towards “independent” financial advice.

Money Marketing understands this refers to financial advice independent of the local authority rather than to a regulated financial adviser.

The bill states anyone looking for long-term care must be shown “how to access independent financial advice on matters likely to be relevant to adults who have needs for care and support or are making plans for meeting needs for care and support that might arise”.

Partnership director of corporate affairs Jim Boyd says: “I don’t know what independent means in this context. If it is financial advice then the implication is it must be financial adviser but if it is a watered down version of regulated financial advice then it is a mater of concern. There is the whole bill process to go through with MPs and Lords committed to regulated financial advice being the standard so we hope to make sure that this benchmark is explicitly included.”

Society of Later Life Advsiers president Lord David Lipsey, who sat on the committee to scrutinise the draft bill, says: “The gold standard is regulated financial advice, preferably by SOLLA advisers and I’m sure ministers will be pressed to give assurances.”

Recommended

Matthew Wyles joins Castle Trust

Equity loan provider Castle Trust has appointed former Nationwide Building Society group distribution director Matthew Wyles as a senior adviser to its group board. Wyles, who was chairman of the Council of Mortgage Lenders between 2009 and 2010, left Nationwide in December following a restructure. He was an executive director of Portman Building Society for […]

3

Cameron hints at RBS sale ahead of election

Prime minister David Cameron has hinted he wants to sell off the Government’s stake in Royal Bank of Scotland by offering shares to voters ahead of the next election. According to the Financial Times , Cameron said yesterday he is open to the idea of “involving people in owning this bank in a genuine way”. […]

RBS cuts 1,400 more jobs

The Royal Bank of Scotland has today announced plans to cut 1,400 jobs more jobs over the next two years. The bank says no customer facing branch staff will be affected and the majority of cuts will come from its Edinburgh and London head offices. The specific areas where the cuts will be made are […]

2

Billy Burrows: Cheap is not always best for annuities

I recently read that Tesco is entering the annuity comparison market. This provides me with the perfect opening comments. Many commentators and annuity broking businesses view the annuity market in terms of lots of people with small pension pots who need to be sold the annuity which pays the highest starting income. It is hard […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com