Intermediaries working in the long term care (LTC) market must have one of the hardest jobs in finan...
Intermediaries working in the long term care (LTC) market must have one of the hardest jobs in financial advice. The complexity of the products, coupled with the ever-changing rules on State benefits affecting this sector makes LTC a market impossible to just dip in and out of.
The needs of clients in this sector are equally complex. It is not just about recommending a suitable product, it is about looking at the whole range of needs in retirement – both financial and emotional – and planning the best route to safeguard health, wealth and independence.
Those advisers serving the market should be there wholeheartedly and put in the time and effort to be able to give this full and complex spectrum of advice.
It is therefore good to see the FSA taking a sensible approach to the regulation of LTC advice. By introducing new requirements for both new and existing LTC advisers to pass exams, the regulator has for once made a decision that everyone has applauded.
LTC broker body IFACare has long been lobbying for regulation of advice in this market and any existing adviser worth their salt will not be put off by the new tests. It seems fair to say that advisers who are not confident of their ability to pass appropriate exams should not be working in this market in the first place. Hopefully this means that the new rules will not lead to a reduction in the current number of LTC advisers.
With shrinking numbers of providers offering LTC insurance products, increasing consumer confidence in the market is crucial if the sector is to develop. This new take on exams could bring us one step closer.
Kirstie Redford, editor
