Symponia: independence not sole factor in LTC advice
Getting financial advice on long-term care (LTC) is a welcome part of the latest Care Bill, however, it is not essential that advice is independent, trade body Symponia has said.
The professional body for care fees planning advisers said it backed the government's decision to include financial advice in the Bill but urged caution on it being only from IFAs.
Symponia joint founder and managing director Janet Davies said there was a clear need for regulated and highly qualified advice in the area.
However, she added: "Symponia's view is that we should not get too hung up on the word ‘independent'. Yes, the term needs to be fully clarified but ‘independence' is not the sole key. Good advice is good advice, regardless of the authorisation of the adviser giving it.
"A more important aspect will be to ensure that the ongoing qualifications and CPD match the deference of the subject. Dismantling a lifetime's finances and assets takes time, skill and the utmost sensitivity.
"Symponia looks forward to working with the relevant bodies to help enhance the advice process and make sure that it is made available to all those who require it; ie, every self-funding resident."
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