Symponia is in talks with the Financial Services Authority about the future of care fees planning advice, following letters of support from MPs for expanding the remit of CF8.
Symponia has been lobbying the government to tighten the regulation of care fees planning because it believes while the recent implementation of the CF8 qualification is a “step in the right direction”, the FSA needs to do more to protect the elderly.
It is now in talks with the FSA following a stream of letters from MPs responding to Symponia’s call to expand the remit of CF8, which only covers one aspect of financial planning for the elderly, namely the writing of immediate care plans.
Jeremy Davies, joint managing director of Symponia, says he is encouraged by a recent meeting with the FSA because it was in the spirit of mutual co-operation.
He states: “Symponia is happy that the FSA has picked up the gauntlet and is prepared to listen, adapt and then make existing guidelines clearer for the general public and especially for the families of those facing care.”
Jason Pope, manager of retail investments policy at the FSA, says he has contacted colleagues in other relevant departments at the FSA to begin reviewing the messages it sends out to firms and consumers concerning qualifications and competence in the care planning market.
He adds: “We will look into how best we can confirm our expectations from advisers.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7968 4554 or email [email protected].IFAonline
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