Adviser compliance group SimplyBiz is providing training and advice for firms guiding clients and their families through long-term care funding.
SimplyCare will bring together consultants experienced in the sector and guidance on dealing with older and more vulnerable clients, for advisers who want to take on the care advice themselves.
News on vulnerable clients and advice
It will also provide a referral panel of experts in the sector, including Just, My Care Consultant and Carepal Assist, that firms can access if they choose to hand the client over to a specialist.
The FCA requires advisers to have particular understanding of, and hold a relevant qualification in, long-term care cover, before being able to advise on the sector. This includes on the legal, tax and regulatory issues, and the responsibilities of local authorities.
Richard Ardron, marketing director of The SimplyBiz Group, says: “Care remains a complex area, whether clients are looking for advice on their options, or they’re at a stage where immediate solutions are needed.
“Understandably, many advisers are finding themselves unable to provide the support and advice needed throughout this highly complicated and specialised business area, and that’s where SimplyCare can help.”
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Some elements of dealing with care – such as navigating the intricacies of NHS services and dealing with those who may be developing dementia – are not regulated, but require high levels of experience and knowledge.
How families fund long-term care is becoming an increasing concern as Britain continues to become an aged nation. The number of people living to 100 is up 27 per cent in a decade, and the number of those in their 90s has increased by 44 per cent.
A long awaited Green Paper on care from the government has faced a string of delays, but the issue was finally touched in the Spending Review on 4 September.
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The government announced an additional £1bn for adult and children’s social care in 2020/21 to be delivered through a new grant. It will also consult on a 2 per cent Adult Social Care precept to enable councils to access a further £0.5bn through higher council tax bills.
Round-the-clock live-in care at home could cost from around £50,000 a year, according the Money Advice Service. In which case moving to a care home could be more cost effective; the average cost of a care home place in the UK is about £30,000 a year, and £40,000 if nursing care is required.
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