Advisers active in the long term care insurance market will be required to take "appropriate" examinations within two years of the introduction of new rules active 31 October this year, the FSA says.
New rules are outlined in PS04/14 Regulation of long term care insurance published this week. Based on feedback received from CP200, the FSA says there has been widespread concern that advisers should demonstrate understanding of "this complex and specialist field". Admitting it is a small field, the FSA nonetheless says the detriment suffered if things go wrong warrants a tough regulatory approach. Besides exams, the new rules will: bring LTCI under the "packaged product" regime, enhancing consumer rights, bring all LTCI products and services under jurisdiction of the FOS and t...
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