View more on these topics

PM Johnson promises action on social care crisis

Boris Johnson says solving the social care crisis is one of the top priorities of the new government in his first major speech as prime minister.

He mentioned social care alongside other ambitious proposals including boosting the number of police and improving education beyond Brexit.

Johnson also repeated his vow to “energise the country” and deliver Brexit by 31 October.

On social care Johnson said: “My job is to protect you, or your parents, or grandparents from the fear of having to sell your home to pay for the costs of care.

“And so I am announcing on the steps of Downing Street that we will fix the crisis in social care once and for all with a clear plan we have prepared to give every older person the dignity and security they deserve.”

The previous government promised a green paper on social care back in 2017 but that was repeatedly delayed.

Similarly, the recommendations contained in the Dilnot Commission’s report of July 2011, such as a care-spending cap and an increase to the means-test threshold for residential care, fell by the wayside.

On the Today programme this morning, MP Rishi Sunak who has just been appointed chief secretary to the Treasury was asked if social care would be in the government’s first spending review.

He said: “This a priority the PM has talked about. [Health secretary] Matt Hancock has been working on this for a while. It is a priority and something we will be getting into relatively quickly.”

Experts have also called for financial reforms they want new chancellor Sajid Javid to focus on.

Quilter says Javid should scrap the annual allowance taper to alleviate recruitment pressure on public services and publish the social care green paper to provide clarity on long-term care funding.

Quilter head of retirement Jon Greer says: “The tax system has grown ever more complex under the stewardship of George Osborne and Philip Hammond, leaving plenty of unfinished business for Sajid Javid.

“There is a backlog of unhelpful policies that are at best obfuscated tax grabs and at worst badly thought out measures with dire unintended consequences.

“The annual allowance taper, residence nil rate band and Lifetime Isa have all made our tax and savings system more complex. These contrived policies were aimed to target very specific behaviours and practices but the complexity of the design means they have come with a bundle of unplanned consequences or have failed to gain traction with savers.

“The government has also dragged its feet for far too long on matters like social care funding which it promised to address in the 2017 general election. The new prime minister has today repeated that pledge.

“The new chancellor has a fresh slate and a crucial year ahead to fix these problems before a possible election.”



FCA: Advice boundary ‘almost impossible’ to define

The boundary of where financial advice starts and information begins is “almost impossible” to define, the FCA has said. Speaking at the FCA’s annual public meeting this morning, chair Charles Randall noted the difficulties of defining the advice perimeter in the context of the recent collapse of mini-bond provider London Capital & Finance. Treasury to […]


Hammond to step up no-deal Brexit warnings

Chancellor of the exchequer Philip Hammond has vowed to oppose a no-deal Brexit from the back benches, according to The Times. As well as a speech to civil servants last week, the chancellor also used his address at an all-staff Treasury meeting to tell his department they should not change their advice on the consequences […]


Editor’s note: Pension tax relief must be part of social care solution

We millennials are a foolhardy bunch. We live for today, without a thought about what will happen when we are old. Or so we are told. But behind our brunchtime bravado we are pretty terrified of the time when we will need looking after. Specifically, how we will pay for it. Social care funding is […]

Threesixty warns of product governance complacency

Support service provider Threesixty has warned advisers not to be “complacent” about new product governance rules, which came into effect in January last year. The company claims that many advisory and discretionary management firms are yet to adapt to changes or remain “unaware” of the new requirements. To combat this Threesixty has made its product […]

So what does Pensions Dashboard mean for advisers?

Next in our series on Pensions Dashboard, Ian Macintyre, Strategic Insight Manager at Royal London, looks at the impact on the market for advice. Nobody really doubts that Pensions Dashboard will be good for most consumers.  What’s less talked about is the impact on the market for financial advice.  It’s clear that there will be […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    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 thought leadership.

    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