Care fees advisers must pass exams

Posted on November 1st, by editor in Caring Times. No Comments

With effect from October 31, 2004 financial advisers wishing to provide advice on funding long-term care are required to pass examinations to prove their competence. Existing advisers who have already been deemed competent to advise on long term care will have until 30 October 30, 2006 to pass the examination. Philip Spiers, director of NHFA, a company which provides professional advice on long term care funding, says that the regulations are essential for advisers dealing with immediate need scenarios. “The depth of knowledge required for appropriate selling of pre-funded long term care insurance is probably adequately covered by existing requirements,” said Mr Spiers. “When long term care insurance is sold the adviser would not know for example if, at the time of claim, the NHS may be fully responsible and the insurance no longer required. “Immediate need advice on the other hand was not adequately covered by previous competence requirements. When an older person needs care the adviser must first determine

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