Local authorities do not understand benefits of advice in care planning, FCA is told

'Vary in effectiveness'

clock • 3 min read

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...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Christine Elliott departs as PFS chair

Christine Elliott departs as PFS chair

Carla Brown takes the role

Isabel Baxter
clock 15 April 2025 • 2 min read
FCA takes aim at bereavement and PoA policies

FCA takes aim at bereavement and PoA policies

Good and bad practices released

Cameron Roberts
clock 14 April 2025 • 3 min read
FCA reappoints Nikhil Rathi as CEO

FCA reappoints Nikhil Rathi as CEO

Rathi joined the regulator in 2020

Isabel Baxter
clock 10 April 2025 • 2 min read