Tens of thousands of pensioners fall victims of healthcare homes con

clock

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

QROPS class actions: What next for frustrated UK expats?

QROPS class actions: What next for frustrated UK expats?

Calls for reform across the board as insurers fight back in IoM

Isabel Baxter
clock 29 May 2025 • 7 min read
Baroness Altmann calls for 25% UK investment in exchange for pension tax reliefs

Baroness Altmann calls for 25% UK investment in exchange for pension tax reliefs

Former pensions minister says bold reform would be a game-changer for UK growth

Jonathan Stapleton
clock 07 May 2025 • 2 min read
'The purchased life annuity market deserves to grow': Should there be more options?

'The purchased life annuity market deserves to grow': Should there be more options?

A ‘lack of competition in the market’

Isabel Baxter
clock 29 April 2025 • 4 min read