Symponia has announced it is in talks with MPs in a bid to help raise awareness and improve financia...
Symponia has announced it is in talks with MPs in a bid to help raise awareness and improve financial advice for the elderly population in the UK.
The network's aim is to get the Financial Services Authority (FSA) to tighten its regulation of care fees planning for Britain's elderly.
Symponia suggested a number of initiatives the FSA should introduce. They include introducing a wider governance for the CF8 exam and an elevation of its status; Criminal Record Bureau checks for all financial advisers consulting with people over the age of 65; an ethical code of conduct; and the end of the 'floating two-year window' for new advisers to achieve this exam.
In a letter to MPs, Symponia said: "The FSA has taken steps to improve the quality of advice given to the elderly with the implementation of CF8; the qualification required by the FSA for long term care financial planners. While Symponia applauds any initiative designed to protect the lot of Britain's elderly population, its members believe this initiative is woefully inadequate as it only applies to a handful of products."
