Intermediaries seeking to advise on long-term care will now be able to delegate decision-making proc...
Intermediaries seeking to advise on long-term care will now be able to delegate decision-making processes to a third party with the establishment of the Care Funding Bureau. The firm, a sister of the Annuity Bureau and the Drawdown Bureau, is the first dedicated exclusively to offering long-term care products and advice.
Owain Wright, head of the Care Funding Bureau, emphasised the importance of ensuring clients receive adequate information and guidance on the issue as products and advice are to be regulated from March next year.
He said: 'There is often a tick-box attitude to long-term care. Advisers will need to know much more about the issue and get training or ignore it completely and delegate this type of business.'
The Bureau will offer advice and products to those who need care now, those planning ahead to provide for possible costs of care and those acting on behalf of someone else, such as the family of those in need of care.
Wright pointed out that the free nursing care legislation introduced by the Government does not cover the cost of nursing home fees. He said many elderly individuals needing care would still be required to sell their homes to pay for this care. However, he argued appropriate advice could alleviate many such problems. He said: 'The area is a minefield and the law has some notable loopholes that can be positively exploited if the right advice is taken.'
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