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Health Committee MPs accused of ignoring advisers
The health select committee has taken an anti-financial services view in its report into social care, an advisory firm has warned.
Peter Gatenby, partner for Mazars, claimed the MPs’ inquiry had failed to consider the role that the financial services industry needs to play in solving the UK’s long-term elderly care funding issue.
He said: “The committee has surprisingly chosen to take an anti-financial services view in its report which is very disappointing. For example, the committee has decided to overlook whether long-term care should be offered as part of a pension arrangement, which we believe could be a viable option for many people.
“We recognise that there clearly is not one simple answer to the problem of making sure people provide for their care late in life. We know that many people simply don’t want to think about the need for long term care provision until it’s too late.
“But we believe that a cap on care costs, as recommended in the Dilnot report, would stimulate the financial services industry in the UK to develop meaningful products that could help to reduce the considerable funding gap in social care services.
“It is paramount that the government works with the financial services industry to discuss and explore ways to help solve the issue of funding long-term care in the UK.”
