Six in 10 advisers would offer LTC advice with council referrals

Apfa research shows one-third of advisers offer long-term care advice already.

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

The figures, based on a survey of 260 advisers and compiled as part of 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 was debated in the House of Commons Public Bill Committee last week.

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 advisers.

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

Carematters director Brian Tabor says: “To have so many who dabble in this field is potentially disastrous. It Is easy to think you are an expert because you know about investment but there are social issues too.”

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