Industry calls for mandatory advice in Care Bill

Speaking at today's Implementing a model for funding long term care event, hosted by Reform, Stephen Lowe, director at Just Retirement, said the government needed to put financial advice at the heart of the funding conversation.

Chris Horlick, managing director of care at Partnership and minister of state for care and support Norman Lamb, were also behind the call for financial advice to play a prominent part in the increasing funding issue.

Lowe said: "The bill is going through the scrutiny phase so Norman Lamb could not say much. But he did suggest it was best and proper for care funders to be getting advice and that financial services need to build the supply of this.

"Long-term care will be the biggest investment a person makes it is absolutely essential they get good advice."

He added the provision of supply in financial services was not the barrier given were 8,000 people in the UK held the CF8 qualification and the industry could make products fairly easily.

He said rather there needed to be a "proper" education piece with the public to build the demand.

Lowe said: "It is our view that local authorities should have a duty to refer people to regulated financial advice, not simply signpost its existence.

"The draft Care and Support Bill should include a requirement for professional regulated financial advice to be mandatory for all care-related financial transactions, including the Universal Deferred Payment Scheme."

Lamb included three points of action in his opening speech at the event; a more personal approach to care; a preventative strategy as opposed to reactive; and integrating the current fragmented system.

The panel session featuring Lowe discussed the implications of Dilnot recommendations and key design questions that must be answered.

It also considered the role financial services industry and improved financial literacy could play.