Advisers could receive a boost from government plans to reform the way long-term care is funded, through local councils referring self-funders to IFAs.
New Model Adviser® understands that the latest draft of the Social Care Bill contains an amendment prescribing local authorities to refer self-funders to financial advisers.
The draft bill containing the amendment is currently being scrutinised by a committee headed by Paul Burstow.
Lorreine Kennedy (pictured), head of care fees at Hertfordshire-based IFA Care Matters, said: ‘We are aware of a draft amendment to the Social Care Bill that will say that all citizens should be referred to financial advisers.
‘It is being looked at by the scrutiny committee and if it gets passed, local authorities will have an obligation to [refer] self-funders,’ she said.