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‘Grandfather loopholes are being used to avoid LTC exams’

Advisers are avoiding compulsory long-term care exams by exploiting loopholes in the FSA’s grandfathering rules, according to LTC specialist Symponia.

The company is lobbying the regulator to change its LTC qualification rules as the gaps in eligibility cri- teria mean that clients may not be getting advice from qualified advisers.

The rules on grandfathering say advisers who are deemed “LTC specialists” before October 25, 2004 must sit the CF8 exam within two years of that date.

But if an adviser stops writing LTC business for 60 consecutive days, the two-year clock stops.

Symponia says this could mean that an unqualified long-term case adviser could continue ad infinitum.

It also adds that if an IFA is recommending bond investments to fund care-home fees, they do not have to take CF8 at all as bonds are not specific to long-term care products.


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Adair Turner’s pension commission is expected to recommend a 7 per cent compulsory contribution scheme for employers which will cause a massive shake-up for pension providers. A key feature of the National Pensions Savings Scheme will be that employers need to offer a scheme of equivalent value in order to opt out. On a 7 […]

Savings plan could halve GPP business

A National Pension Savings Scheme could kill off more than half the business flows of leading providers, including Scottish Equitable, Friends Provident and Norwich Union. Experts warn that employers will need to offer a scheme of equivalent value to the proposed NPSS in order to be able to opt out, which could choke group personal […]

Certification guide

Guide: how to… certify your pension scheme

Certification is highly complex and surrounded by a minefield of information and auto-enrolment jargon, which can make it very difficult to understand. However, for many employers it is a necessary process that must be executed successfully.


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