Nearly two-thirds of financial advisers are planning to advise people on their options for funding long-term care despite only a third being qualified to do so, figures from the Association of Professional Financial Advisers have shown.
The Care Act became law in May, giving councils a new function of ensuring people can access advice about their care and support.
Its provisions, which include a cap on the cost of care, will come into effect over the next 18 months.
Research carried out for Apfa by NMG Consulting shows that in November 2013, 58 per cent of advisers said they would like to be part of a list to which local authorities make referrals for advice.
But only one in three has the necessary long-term care insurance qualification.
Chris Hannant, director general of Apfa, said: “It’s encouraging to see that despite the sweeping changes to the retirement income market, which will radically change how and when people access their savings in later life, advisers still plan to offer advice to people on long-term care.
“It has the potential to revolutionise the UK care system, and represents a significant opportunity for financial advisers.
“To make the most of the opportunity, and to turn their willingness into actual advice, advisers will need to obtain this qualification soon.
“Access to advice from a regulated firm will be vital for many people, helping them make the best choices in what can be far-reaching financial decisions on funding their long-term care.”
Adviser view
Brian Tabor, of Hertfordshire-based Carematters, said: “I think having the qualification is absolutely essential, so you can demonstrate you are going to give good advice.
“The time is long overdue for the CII and other bodies to bring out a more sensible and more demanding examination than the current one.
“In the marketplace at the moment there are too many people dabbling and getting it wrong.”
