A number of people over 65 years of age will have to pay to meet their care needs in later life; however many people do not consider how they will sustain their payments or how to obtain the best return on their assets. These are often complex issues and it is important to make sure you get the right information and advice. An Independent Financial Adviser can provide impartial information to help you plan and decide how to fund care at home or in a residential or nursing home.
Anyone can contact an Independent Financial Adviser, though it should be noted that advisers will charge a fee for their services; it may be an hourly rate or a fixed fee so it is important to find out before you start how much the advice will cost.
Some general advice and information is available free from a number of websites, see the futher information below for more details.
Some people move to a care home because they and their family do not realise that care and support can be provided to help them continue to live independently in their own home. If you are funding your own care you may not be aware of all the available options. It may seem simplest to pay care fees from savings, income or selling your home, but this may not be the best solution.
Everyone's personal financial circumstances are different and often complex. A independent adviser will be able to assess your individual financial position and provide tailored advice to meet your particular needs.
There are independent financial advisers that focus specifically on care funding advice, often referred to as specialist care-fees advisers. They are regulated by the Financial Conduct Authority (FCA) and must adhere to a code of conduct and ethics and take responsibility for the suitability of any product they recommend. Specialist care-fee advisers undertake specific training and qualifications (CF8, CeLTCI).>
Based on your personal circumstances the advice will explain the options available to pay for your care and support to make sure that you:
They will also provide advice on the best options for your individual needs. These may include:
If you do take advice from a specialist care-fees adviser and later find that the product wasn’t suitable for your circumstances you may have a case for mis-selling and receive compensation.
If things don't go as you expect every specialist care-fees adviser will have a formal complaints procedure that you can refer to but ultimately, you will also have the right to make a complaint to the Financial Ombudsman Service.
SOLLA - The Society of Later Life Advisers was founded in 2008 as a not for profit organisation, to meet the need of consumers, advisers and those who provide financial products - See more at:
While every care has been taken in the compilation of the information on this website, neither Hillingdon Council or PCG Care Solutions will be held responsible for any loss, damage or inconvenience caused as a result of using the site and any inaccuracies/errors within these pages.
If you choose to purchase services via the Marketplace, you are advised to refer to the Buyers Guide prior to making a purchase, as well as making your own enquiries and seeking independent advice. This is applicable to Adult services only, as there is no Marketplace for Children's services.