New rules mean long term care advisers will soon have to take competence exams. Tish Hanifan explains why this is a positive move for the market
What constitutes best advice in the long term care (LTC) market? This question will soon be answered when LTC regulation takes effect on 31 October this year. The Financial Services Authority (FSA) has just published its policy document on the rules, which state regulation will be of both the product and the advice process. Competence The FSA has decided to require both existing and new LTC advisers to pass an appropriate exam in order to demonstrate their competence. This will be subject to a temporary 'grandfathering' arrangement. This means that all advisers including those currently...
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