Local authorities should only recommend regulated financial advisers to people requiring advice on funding their long-term care, an influential committee has recommended.
A joint committee assigned to scrutinise the Draft Care and Support Bill said it should make clear that local authority services such as local councils should recommend financial advisers only if they are regulated by the Financial Services Authority (FSA). The original Bill states that a statutory duty should be placed on local authorities to provide information, advice and assistance services to care self-funders in their areas. But reservations had been expressed, including by care, support and social housing provider Mears Group, that councils "tend to be more reluctant to...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes