Tens of thousands of pensioners and people approaching retirement have been sold worthless ‘trust' schemes that promised to protect their home if they went into care.
Regulators are to take action against rogue advisers thought to have made millions of pounds by preying on the fears of the retired. Whitehall guidelines and a tough new approach by local authorities mean that any ‘asset-protection trust' that has been obviously established to spare people having to sell their home should they need long-term care will be disregarded. Tens of thousands of older people have paid up to £10,000 to unscrupulous advisers, including lawyers and financial consultants, for a worthless piece of paper, according to the Daily Mail. "We are aware of the issue o...
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