Member Article

Leeds financial advisors comment on role of financial services in funding care provision

Lord Lipsey’s speech earlier this week asked the House of Lords Her Majesty’s Government what plans it has for the role of the financial services industry in funding care provision.

This comes in the light of the Dilnot Commission reforms, of 2011 which highlighted that the current funding system is “in urgent need of reform: it is hard to understand, often unfair and unsustainable. People are left exposed to potentially catastrophic care costs with no way to protect themselves.”

Kay Ingram, divisional director of LEBC Group Ltd, a firm which specialises in care fees funding, comments: “We understand Lord Lipsey’s concerns about the need for specialist independent financial advisers to be better qualified.

“Planning for care costs is a highly complex area that requires an understanding of care fees rules and benefits, investment markets and family dynamics.

“There is no single product solution and the advice has to be reviewed as care costs needs change.

“On the issue of deferred payments, whereby people do not have to sell their house, this is also not an easy option as interest on the debt will accrue from the first fee payment and could wipe out the value of the family home even after the £72k cap has been met.”

LEBC Group has a bespoke ‘Care Fees Planning’ advisory service to help people plan for their long term care needs. Its care fees assessment report helps the elderly and their families assess and review all funding options to arrive at the best solution.

“The service looks at available state benefits, disregarded assets (from the means test), power of attorneys and wills, Inheritance Tax implications, and self-funding options.’s care fees assessment report helps the elderly and their families assess and review all funding options to arrive at the best solution.

This was posted in Bdaily's Members' News section by Clare Burnett .