LTC insurance to be regulated
Insurance to cover the cost of going into care homes will be regulated for the first time, the Government has announced. In future only regulated advisers will be able to sell the products, and will be regulated by the City watchdog Financial Services Authority. Consumer organisations such as the Consumers’ Association are disappointed because they wanted minimum standards of quality imposed upon insurance. The regulation is part of an effort by the Government to promote long-term care insurance, although to date only just over 30,000 policies have been sold.