LTC
Attempts to reinvigorate the ailing long term care (LTC) market are underway following the launch of dedicated LTC affiliation group, Symponia.
Focusing on care fees planning, the firm's objective is to provide a recognised standard for advisers. Only those authorised by the Financial Services Authority (FSA) will be invited to join the group.
Symponia is marketing itself as a kite mark of quality in the market and in addition to the FSA's compulsory examination, CF8, members must endure a rigorous assessment process.
"All members are required to sit and pass a separate assessment paper before joining and each year thereafter. CF8 is now mandatory and we welcome its introduction. As time goes by it is possible that CF8 will form the basis of our eligibility criteria, but only as a benchmark. We will want members to sit our own assessments," said Janet Davies, joint managing director at Symponia.
However, the assessment regime has been questioned by other figures in the market. Owain Wright, head of the Care Funding Bureau, said: "From October 2006, all long term care advisers will have to have passed the CF8 examination if they are to advise on the subject. That is mandatory. We are following the regulators rules and will not be involved with the new start up."
Following the rapid demise of the pre-funded LTC market, attention has shifted towards the immediate needs sector of the market. However, other groups, such as IFACare, has broadened its remit in line with changes in the LTC sector. "Symponia has a very ambitious proposition and we wish it success in its aim to address the needs of older clients in the way we do," said Graham Fidoe, chairman of IFACare.
"IFACare has moved away from care fees planning into the broader remit of retirement planning in general, because we recognise the importance of all encompassing advice, which includes inheritance tax planning, equity release, long term care, and the interaction between these areas," he said.
