Life - Articles - Partnership comment on proposed care funding reforms

 “As the Care Bill has huge implications for our market, we have closely followed its progress and been involved in various discussions with key stakeholders. Therefore, we are pleased to see that the proposed reform of social care has moved on to the next stage and the vitally important practical implications are now being considered more closely.

 “At the moment, while 40% of self-funders in residential care would benefit from an existing financial product to protect their assets and ensure that they do not run out of money, over half of councils do not provide referral to a firm or panel of regulated financial advisers. Therefore, it is vital that people are not only made aware of the new system but encouraged to seek regulated financial advice so they can better manage the costs that they will need to fund themselves.

 “We welcome the Government’s on-going engagement around this important area and we will continue to work hard to ensure that the role of regulated financial advisers in the care arena is recognised.”