Product providers and the Conservative Party are slating the Government for failing to confirm plans for regulating long-term care insurance in time for the Queen's speech.
At a Labour Party Conference fringe meeting in September, Treasury minister Stephen Timms said the committee looking into LTC insurance regulation would report back by the time of the Queen's speech. Last week, the speech featured the Government's funding proposals for LTC which included paying for nursing care in nursing homes but not personal care.
But the industry still awaits the committee's stance on reg ulating LTC products, with experts claiming that the the Government has broken its promise. They are increasing pressure on the Treasury to confirm its recommendation and end the uncertainty which some have blamed for holding back the development of the LTC market.
Norwich Union LTC strategy manager Sandy Johnstone says: “Many people will be very disappointed if there is no announcement before the end of the year. This committee was first announced in December 1999. It will be partic ularly disappointing if a year comes and goes without any word.”
A spokesman for Tory sha dow health secretary Dr. Liam Fox says: “This is the latest in a long string of broken Labour promises. It is vital they should make their position clear so that others can act.”
A Treasury spokesman says: “We are still on track to get the decision out by the end of the year.”