Thursday, January 25, 2007

UK: Financial advisors warned about LTC planning

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

More on this story at Citywire.

http://lawprofessors.typepad.com/elder_law/2007/01/uk_financial_ad.html

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