View more on these topics

‘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.

Recommended

Turner’s scheme to lead to massive shake-up for pension providers

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.

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