Six in 10 advisers would offer LTC advice with council referrals

Six in 10 advisers would offer long-term care advice if local authorities are forced to refer to regulated financial advisers, new Apfa figures show.

The Apfa figures, based on a survey of 260 advisers and compiled with NMG Consulting’s Financial Adviser Census, show 35 per cent of advisers currently offer long-term care advice but 58 per cent want to be on council referral lists for care advice.

The Care Bill has passed through the House of Lords and will be debated in the House of Commons Public Bill Committee today.

Its key reform is to cap lifetime care costs at £72,000 from April 2016 to stop people selling their homes to fund care.

The Bill forces local authorities to signpost long-term care funders to independent financial advice but not necessarily regulated.

Peers pushed for hard referrals to regulated advisers and the Government has promised to “strengthen” the role of IFAs.

Apfa director-general Chris Hannant says: “Funding long-term care will mean people have to make far-reaching financial decisions, so access to advice from a regulated firm will be vital.

“This research shows there is considerable appetite among the adviser community to make financial advice available to anybody who needs it.”

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