Local authorities vary in their effectiveness to connect elderly people with regulated financial advisers, the Financial Conduct Authority (FCA) has been told.
In its occasional paper analysing the ageing population out on Thursday, the regulator said respondents expressed concern that local authorities were inconsistent in their efforts to help the elderly access financial advice for long-term care in later life. The Care Act 2014 made it a statutory requirement for local authorities in England to provide access to information and advice about care and support services in local areas. However, respondents told the regulator local authorities had a general lack of understanding about the benefits financial advice can offer those ‘self-fundin...
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