15th August 2014

APFA responds to Department of Health consultation on the Care Act

The Association of Professional Financial Advisers (APFA) has responded to the Department of Health’s consultation on draft regulations and guidance for implementation of part one of the Care Act.

Chris Hannant, Director General at APFA, commented:

“The Care Act has the potential to transform the UK care system, and it’s a big opportunity for advisers too. However, while we fully support the duty of local authorities to support access to financial advice, we think the guidance should go further to arm local authorities with the tools they need to properly signpost care advice for residents.

“For the Care Act to realise its potential, giving people access to information about the full range of products available is crucial and this can only be obtained from a regulated financial adviser. Financial advice may not end up being appropriate for everyone, but the danger is that without it, people do not consider all the options available to them and therefore miss out on the best solution for their circumstances. 

“We want to ensure that local authorities are able to explain to people that they may have more options and achieve better outcomes if they seek regulated financial advice. This means making local authorities aware of adviser directories like the Society of Later Life Advisers or Paying for Care. It also means ensuring they are confident explaining to people what information they’ll need to provide when meeting with an adviser, and what questions they should prepare to be asked.

“APFA will continue to work closely with government, local authorities and advisers to ensure access to care advice for those who need it is available and accessible.”

Regulation, Retirement