View more on these topics

Govt minister calls for more financial advice on long-term care

New care services minister Norman Lamb says financial advice must be available to everyone considering long-term care for themselves or relatives.

Speaking at a Local Government Information Unit fringe event at the Liberal Democrat autumn conference in Brighton yesterday, North Norfolk MP Lamb said advice is crucial to those seeking care.

He said: “So many who fund their own care, apart from having no information of what services are available, have no access to financial advice and guidance for how best to prepare for potentially catastrophic loss when a loved one ends up with some condition that requires intensive care and support.

“We must ensure everyone gets access to the advice and support they need.”

Long-term care is currently a hot political topic after former care services minister Paul Burstow last week claimed the Treasury was blocking reforms.

Andrew Dilnot’s plan for long-term care involves capping an individuals’ lifetime contributions at £35,000. Any cost above this level will be met by Government.

In July, prime minister David Cameron accepted the principle of a cap but questioned how the Government might pay the estimated £1.7bn annual price tag.

Speaking last night Lamb backed the Dilnot reforms and said there is cross-party agreement for the first time.

He said: “There has to be an informed public debate about how it is funded at a time of enormous constraint on the public purse.

“My task is to ensure that in this parliament we settle this issue, give certainty to those who are sometimes petrified about the future and resolve it once and for all. I will do everything I can to achieve it.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. He is totally correct when saying that those seeking long term care have no access to financial advice. After RDR they will have even less as they will not be able to or will not pay a fee

  2. This is pie in the sky thinking givien the direction of travel with the existing regulations. The only people getting impartial advice in a few years will be the wealthy. As recently reported, the practical implications of RDR are that it favours the affluent who already pay fees. The exisitng advice process needs to be streamlined, retrospective regulations need to be stopped, FSCS needs to fair and balanced, a long stop introdiced like other profession, etc. Sorry but LTC for the wealthy is already available but not for the ordinary person and is not likely to be so anytime soon. Existing and new regulations have made sure of that.

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