LTC has long been off the advisory radar, with many IFAs not wanting to discuss such a gloomy product and others not CF8 qualified. However, ifs’s CeLTCI will now enable advisers to consider LTC in the UK, the different types of cover and current legislation.
The certificate, open for registration in November, will take between 40 to 60 hours and costs £135.
The ifs School of Finance head of financial regulation Mark Roberts says: “This new comprehensive certificate will enable practitioners to give knowledgeable advice on what is becoming an increasingly important area of advice. Ultimately the objective is to ensure that advisers can confidently and accurately identify consumers’ needs and demands and recommend suitable and affordable long-term care solutions.”
According to Roberts, ifs has already seen a rise in demand for such a qualification.
In other news Friends Provident is continuing on its quest to improve IFA education by unveiling its plans to hold an online seminar ahead of the Government’s introduction of the Welfare Reform Act in October.
The seminar, a result of positive feedback from the life insurer’s previous online seminars, isn’t to improve sales but instead aims to support the industry and give IFAs more confidence, says its head of protection Mark Jones.
He says: “It’s such a dry subject it will probably pass you by. The seminar will discuss the implications of the Act and what it means to you and you clients.”
Jones says the Welfare Reform Act creates an opportunity for an adviser to show their true value and worth by talking to their individual and corporate clients about income protection as a result of benefit changes.
A stern warning has gone out to insurance providers after the Financial Services Authority fined three directors of BPS Insure Ltd for failing to notify the FSA of a £3m deficit.
Despite going in to administration in May 2005, the directors – Robert James, Stuart Lawton and Paul Adams – managed to rack up a £3m deficit in its client account. The London-based firm also used client money to pay its general expenses, further increasing the shortfall.
While the FSA said no clients were directly affected, it says there was a risk that the directors’ actions could have left clients without the cover they paid for.