UK: Financial advisors warned about LTC planning
Financial advisers who lack the new longterm care (LTC) qualification should not advise on any aspect of LTCplanning – even if they do not plan to use designated LTC products, thefinancial regulator has warned…in a stark written warning, the Financial Services Authority (FSA) has referenced newguidelines contained in the FSA’s latest adviser newsletter, state: ‘Ifyou are recommending any product that meets long-term care feesplanning needs, we expect you to have an appropriate level of knowledgeof all relevant care fees planning issues (even if the product is notcovered by the long-term care insurance qualification). ‘Additionally,in order to meet the suitability requirements in giving advice, youshould not be in a position where you avoid recommending certainproducts because you have not passed the relevant examination.’