MPs call for tighter regulation of long-term care

A handful of high profile MPs have written to the Treasury and the Financial Services Authority expressing support for Symponia’s campaign to tighten the regulation of long-term care.

The development follows letters sent by Symponia members to local MPs in October, which argued the FSA is “merely paying lip service” to providing tougher regulation for financial advice for the elderly.

Janet Davies, joint managing director of Symponia, says MPs such as Peter Lilley, former shadow chancellor and deputy leader of the Conservative Party, Ian Lucas, John Maples and Roger Gale have all written to the FSA and/or the Treasury supporting Symponia’s campaign and arguing LTC regulation needs to change.

In its letter to MPs in October, Symponia said the FSA requirement advisers must have achieved the CF8 qualification by 31 October 2006 was “woefully inadequate” because CF8 only covers one aspect of financial planning for the elderly, namely the writing of immediate care plans.

In addition, any adviser not practicing in October 2004 has a two-year window from the date they start working in the care fees planning market to obtain CF8 and the date is flexible if they stop working in the area for a period of time.

Symponia is calling for wider governance of the CF8 exam and an elevation of its status to include a series of detailed, written exams covering all aspects of financial planning for anyone in receipt of care.

Davies says: “We tried contacting the FSA directly but they weren’t listening. The more people that can make a noise, the better. If someone is in a care home and needs financial advice, it should be from someone who is qualified to give it.”

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