What the Care Act says:
When you contact us about your care and support needs, we must:
- Have measures in place to spot anyone who might need financial information and advice. This includes many services that aim to help people plan, prepare and pay for their care costs.
- We then have to help you to get this advice from an independent source.
Whenever you have to pay towards your care and support needs, you should always seek independent financial advice. Make sure your money goes as far as possible and plan for the future.
Types of financial advice
Independent
An independent financial advice service will discuss your personal and financial circumstances with you.
They will help you understand if:
- you will have to pay for your care;
- or whether you might be able to get full or part funding from the council.
If you have to pay for your care, they will:
- tell you what kind of advice you might need;
- and suggest a range of independent financial advisors.
These services should be offered free of charge. They should also be independent of any financial products or services available to pay for your care.
Regulated
Regulated financial advice can only be given by those authorised to do so by the Financial Conduct Authority (FCA).
They can recommend products and services to help you pay for your care and will charge for their advice.
There are advisers that just focus on care funding advice.
- These are often known as specialist care-fees advisers.
- Regulated by the FCA, they must stick to a code of conduct and ethics.
- They are responsible for how suitable the products are that they recommend.
They will find out what your needs and circumstances are, then recommend products to suit you.
Choose an advisor
Look for these:
Care fees planning advice must only be provided by an experienced care fees specialist who:
- Is authorised by the FCA.
- Is a full member of the Society of Later Life Advisers.
- Will offer an initial consultation by phone or in person without charge.
Preference should be given to advisers who:
- Have an independent status, not a restricted one (as defined by the FCA).
- Charge clients on a direct billing basis, not a product charge.
- Where care legal advice is needed, only refer to members of The Association of Lifetime Lawyers.
The cost of advice
This can vary widely and will depend on:
- Where you live.
- How complex your situation is.
- The level of advice and types of products they recommend.
You could pay between £75 and £250 an hour for their services. It is important that you first ask:
- how much their advice is going to cost;
- and if it is a fixed fee or based on the amount of time they work for you.
About benefits
These can help you pay for your care and support.
Use the benefits calculator to check what you should get, visit: Entitledto.
Find an adviser
- Visit: Financiable.
Which one is right for you
There are lots of independent financial advisers out there. It may seem difficult to work out who is right for you.
Make sure you use someone who is registered with the Financial Conduct Authority.
You should also consider:
Society of Later Life advisers (SOLLA)
Financial advisers registered with the society go through a special training and accreditation process.
They are specialists in planning ahead for later life even if you are still young.
Specialist care fee advisers
Independent financial advice covers lots of different areas.
- An adviser who specialises in care fees may understand more about the situation you are in.
- They can also offer more tailored advice.
Most will state if they are specialist and in what areas.
To check this, visit: SOLLA.
Where to find other help
- Money Advice Service. Set up by Government, this offers free and impartial money advice:
- Phone: 0300 500 5000 on Monday to Friday from 8am to 8pm and Saturday from 9am to 1pm.
- FirstStop Advice. Independent, impartial and free service, provided by the national charity Elderly Accommodation Counsel (EAC).
- Phone: 0800 377 7070.
- Citizens Advice. Information on financial advice and where to find an adviser.
- Age UK. Advice on debts, a pension calculator and money-saving tips. Also, information on benefit claims, will making and power of attorney.
- Paying for care and support. Find out what care and support the Council provides and if there is a cost to you.
If you are not happy with the advice you get
If you later find that a product does not meet your needs, it may have been miss-sold to you. In which case, you may be able to get compensation.
- Every specialist care-fees adviser will have a formal complaints procedure.
- You also have the right to make a complaint to the Financial Ombudsman Service:
- Visit: Make a complaint.
- Phone: 0800 023 4567 or 0300 123 9123.