Facilitating Access to Information and Advice

Jt Chairman Jane Finnerty

June 2015

Information and Advice

Section 4 Care Act 2014

Local authorities must: “establish and maintain a service for providing people in its area with information and advice relating to care and support for adults and support for carers”

• ‘information’ means the communication of knowledge and facts regarding care and support.

• ‘advice’ means helping a person to identify choices and/or providing an opinion or recommendation regarding a course of action in relation to care and support.

Local Authorities need to have an active role in order to meet their obligations

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Practice guidance to support local authorities to facilitate access to independent financial information and advice

• Practical use to local authorities in relation to facilitating access to independent financial information and advice.

• Those responsible for facilitating access to independent regulated financial advice

• Development of strategy, implementation, delivery and review of existing service.

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The need for advice – If only I’d known

4Source: SOLLA and Age UK Later Life fact sheet August 2014

•The statutory guidance requires local authorities to ensure that information and advice is given at an early stage so that people can plan and make the best informed decisions for their particular circumstances – whatever their age

•Of around 60,000 self funders moving into care every year only around 7,000 get any regulated financial advice

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What makes people seek financial advice?

The need to have access to the right amount of money at the right time?

Will

Bereavement Financial affairs

Cash shortage

Need for help with decisions and care funding

Family funding

Divorce

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Examples of different types of financial information and advice

Unregulated Regulated Welfare Benefits Care Fees planning

NHS Care Funding Tax Planning

Budgeting Pensions/Pension Transfers

Local Authority Care Funding Financial Planning

Housing Options Investments/Savings

Deferred Payment Agreements Wealth Management

Understanding Ways to pay Equity Release

Money Management Mortgages

Understanding Care Charges Property Options

Debt Management Health/Life Insurances

Are all Financial Advisers the same?What is an Accredited Later Life Adviser?

Source - Photo Copyright Lisa F Young on Dreamstime.com NS&I You and Your Money in Later Life

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SOLLA Accredited Financial Advisers work with Trusted Consumer Organisations

• Local Authorities• NS&I • Charities • Local Age UK organisations• Which?• Third sector and other professionals

LLA

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www.solla.org.uk

©2015 Society of Later Life Advisers