The Equity Release Council is to brief policymakers on improving access to financial advice for older people at the House of Commons today.
The event was prompted by the Care Bill which falls short of specifying that anyone looking to fund long term care should receive regulated financial advice.
Council chairman Nigel Waterson will be joined by Baroness Greengross, and joint chair of the Society of Later Life Advisers Tish Hanifan.
The discussion will be chaired by chairman of the Insurance and Financial Services All Party Parliamentary Group Jonathan Evans MP.
Before inviting questions from the floor, the speakers will outline the challenges of supporting an ageing population, the key policy issues facing financial advisers and the importance of ensuring older clients receive expert advice.
Nigel Waterson will also discuss how housing wealth can be unlocked to meet financial needs in later life and preview a major new report from the consulting firm Towers Watson on Equity release: Accessing housing wealth in retirement.
The report explores the consumer need for equity release products across Europe, and the potential impact of the current Solvency II requirements.
"The question of how to foot the bill for long term care is simply too important to be tackled without independent, regulated financial advice," said Waterson. "When people have spent their lives working to build a nest egg for retirement they need to be advised on options to make the best use of their available assets - including their homes. Pushing people towards deferred payment schemes without weighing up alternatives such as equity release runs the risk of ignoring solutions that, in many cases, may be better suited to individual needs."
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