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Network wants to widen LTC exam

Long-term-care specialist network Symponia says the FSA is guilty of a huge oversight by not making the remit of the CF8 qualification wide enough.

Managing director Jeremy Davies says the qualification, which comes into force from next month, only takes account of immediate care plans but should be broadened to include issues such as inheritance tax planning, enduring powers of attorney and will planning. He says advisers looking to work in the LTC arena will be able to sidestep the qualification by not writing immediate care plans but offering other services.

Davies says advisers have had a two-year window between October 2004 and October 2006 to get the qualification but advisers who have never before written an immediate care plan have been given an additional “floating” window.

FSA spokeswoman Abi Jones says: “The CF8 examination should not be seen in isolation. It is just part of the training and competency regime that we expect advisers in this area to abide by. The onus is on firms to prove that advisers are fully compliant.”

Symponia is calling for any adviser looking after a client in care to have to obtain CF8 before they can advise on any aspect of care fee planning.

Davies says: “The FSA is letting us and the families of people in care down as currently the regulator is guilty of a huge oversight. This situation makes a mockery of the qualification and the advisers who are passionate about this subject.”

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