Care fees planning causes confusion

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

A group of Independent Financial Advisors (IFAs) say rules on long term care fees planning are ‘confusing and opaque’ within the industry and certainly to consumers. Symponia, a national affinity group for long term care fees planning, which currently has 55 IFAs across England, Scotland, Northern Ireland and Wales, is calling for simplification of the rules by the Financial Services Authority (FSA). As of October, Independent Financial Advisors who deal with long term care fees must hold a qualification known as CF8, but any adviser not practising (or not deemed competent) in October 2004 has a two year window from the date they start working in the care fees planning arena to obtain CF8 and this date is flexible if they should stop working in this area for a period of time. Even then, CF8 only covers one aspect of financial planning for elderly people – the writing of Immediate Care Plans (ICPs), which are only one of a raft of methods that may be recommended by a specialist adviser to pay for long te

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