Local authorities do not understand benefits of advice in care planning, FCA is told

'Vary in effectiveness'

Tom Ellis
clock • 2 min read

Local authorities vary in their effectiveness to connect elderly people with regulated financial advisers, the Financial Conduct Authority (FCA) has been told.

In its occasional paper analysing the ageing population out on Thursday, the regulator said respondents expressed concern that local authorities were inconsistent in their efforts to help the elderly access financial advice for long-term care in later life. The Care Act 2014 made it a statutory requirement for local authorities in England to provide access to information and advice about care and support services in local areas. However, respondents told the regulator local authorities had a general lack of understanding about the benefits financial advice can offer those ‘self-fundin...

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

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA to cut red tape for investment firms in bid to streamline regulation

FCA to cut red tape for investment firms in bid to streamline regulation

Volume of legal text cut by 70%

Linus Uhlig
clock 24 April 2025 • 2 min read
Zero cases of non-financial misconduct opened by FCA in two years

Zero cases of non-financial misconduct opened by FCA in two years

A Freedom of Information request has found

Cristian Angeloni
clock 22 April 2025 • 3 min read
Emma Reynolds: Targeted support is 'exciting opportunity' but 'we need to get it right'

Emma Reynolds: Targeted support is 'exciting opportunity' but 'we need to get it right'

‘Need strong consumer protection in place’

Jenna Brown
clock 22 April 2025 • 3 min read