A group of UK Members of Parliament has called for the British government to clarify the term ‘financial advice’ and direct individuals in aged and long-term care to specialised advisers.
The members of the joint parliamentary committee on the draft care and support Bill, which is chaired by former care services minister Paul Burstow MP, have published a report that claims the Bill in its current form does not adequately address the need for, and definition of, financial advice and should be amended accordingly.
“The draft Bill should make clear that ‘information’ and ‘advice’ include financial information and advice, and that local authority services should recommend financial advisers only if they are regulated by the [UK Financial Services Authority],” the report states.
“The following matters should be added to the list in clause 2(2) of matters on which the local authority’s service must provide information and advice: ways in which people can contribute to the design of services, where none are available to meet their needs; local housing options, including specialist housing, accessible housing and adaptations; any relevant charging arrangements for care and support in the local authority’s area; obtaining independent financial advice on the options for paying for care and support; and where such advice can be found,” it adds.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 20 Apr 2018Govt launches new corporate criminal crackdownBy Reporter
- 20 Apr 2018AMP CEO retires immediatelyBy Reporter
- 19 Apr 2018Commission questions compulsory FPA membershipBy Killian Plastow
- 19 Apr 2018CBA admits to fresh FOFA breachesBy Reporter
- 18 Apr 2018Royal commission villains could face jailBy Aleks Vickovich
- 18 Apr 2018CBA accused of ‘misleading’ royal commissionBy Aleks Vickovich and Killian Plastow
- view all