ILC-UK LAUNCHES CROSS SECTOR GROUP OF INTERESTED PARTIES FOR CARE FUNDING ADVICE AND CALLS FOR REGULATED FINANCIAL ADVICE TO BE OFFERED TO ALL SELF FUNDERS IN THE CARE SYSTEM

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Leading longevity and demographic change think-tank, the International Longevity Centre-UK (ILC-UK) today announces a new initiative to provide a focus for all stakeholders in the care funding advice pathway to ensure that care self-funders have access to regulated financial advice about meeting their care costs.

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New legislation will encourage better joined-up working between the social care sector and other key stakeholders, including central and local government, financial advisers, care providers, and firms offering financial services products. For the system to work smoothly, this community will need to work seamlessly together.

Baroness Sally Greengross said: “This is our chance. The decisions made by Government between now and 2016 will determine the adequacy and sustainability of social care for many years. It is vital we get both the broad direction and the detail right if we are to deliver a much needed transformation in the care system.

Between now and April 2016, the Care and Support Bill will result in radical changes to the care system and the way care is paid for. The period immediately ahead is therefore a crucial time of preparation to squeeze every last drop of benefit out of the new system. With money so tight everywhere, nothing less will do.

I’m delighted to announce that Nick Kirwan will be joining us to lead this important piece of work.”

Nick Kirwan, Director of the ILC-UK care funding advice network said: “I’m thrilled to be joining the ILC-UK to lead this work with stakeholders and government to support the development of this new legislation. The ILC-UK is perfectly placed to do that. Our top priority will be to ensure that the legislation provides a guided pathway for self-funders that leads to regulated financial advice. The average self-funder pays around £150,000 for their care over 4 years and yet currently only a tiny proportion currently get regulated financial advice. This is something we must put right, and now we have the ideal opportunity to do it.”

Noreen Siba, Managing Director of the ILC-UK said: “We’re looking to bring together a strong community of organisations involved in the care funding debate and we’re delighted that a number of firms have already agreed to help us fund this important piece of work, showing that there is a clear need to take advantage of this once in a generation reform of the system. I’d like to take the opportunity to thank them for their commitment and support and would welcome other interested organisations who would like to join us”.

The ILC-UK has been working on care funding policy since 2007. Over recent years we have sought to bring together industry, the care sector, academics and policy makers to ensure that reform is both sustainable and meets the needs of today’s and tomorrow’s recipients of care.

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