A reminder the new long term care insurance regulations come into effect at the end of this month mean the clock is ticking for advisers who want to retain authorisation to sell this type of product, the FSA says.
Under the new rules, which aim to bring greater consumer protection to the sector, advisers, including those currently advising on such products, will have to undergo an examination to prove their competencies.
Those currently deemed competent will have until October 2006 to pass the exam.
Of note are new regulations covering claims handling at point of claim by “vulnerable” claimants.
All LTCI products and services will come under FOS and FSCS jurisdiction.
Final rules are outlined in FSA policy statement 04/14 published earlier this year.IFAonline
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