The Annuity Bureau launched a nw division of its group this called the Care Funding Bureau to h...
The Annuity Bureau launched a nw division of its group this called the Care Funding Bureau to help IFAs wanting to get to grips with long term care.
Regulation of long term care is expected in February or March next year yet the Care Funding Bureau believes the lack of financial expertise in the field is 'frightening'. It says banks offer a limited range of products, yet are among the first port of call for people wanting advice on funding for long term care.
Over a quarter of people aged over 65 will require care, says the group, but barely one in twenty has any idea of what the financial consequences of needing care will be.
So IFAs can either approach the business for advice or may wish to refer their clients directly to it.
Owain Wright, head of The Care Funding Bureau commented: "When individuals realise they have to fund themselves they will rush in to sell their main asset - namely their property - to cover the costs. It is up to IFAs to advise the elderly and their families of where they stand and the financial options that are open to them."
"It used to be said that buying your house was the biggest financial commitment you would face but the average monthly cost of care is now more than four times the average monthly mortgage payment," added Wright.
The Care Funding Bureau will sit alongside its sister businesses, The Drawdown Bureau, however, all three firms will remain wholly independent.
A free Care Funding Bureau guide, entitled "Your Long Term Care Guide" is available by calling Freephone 0845 603 1177.
No preferred charging model
To 1,552 families and businesses
HL and Liberty SIPP slowest
Lifetime and annual allowances