Independent financial advice

Although not everyone will need independent financial advice, it is a good idea to understand your options for paying for care and support now and in the future.

If you have savings, property, investments or other assets, it’s important to make sure your money goes as far as possible and allows you to plan and make choices for your care and support in the future.

There are different organisations and services that can give you general financial advice, including local and national charities.

There are also professional independent financial advisers that are regulated by the Financial Conduct Authority (FCA), the official regulator of financial services in the UK. The FCA keeps a list of these advisers.

If you’re considering taking regulated financial advice it is recommended that you select an adviser regulated by the FCA with the appropriate qualifications and accreditation.

Some professional advisers specialise in advice about funding care, and they must have passed a specific qualification to do this. These are sometimes called ‘specialist care fees advisers’.

When choosing an adviser, you’ll want to be sure:

• they’re qualified and experienced in the type of advice you need
• what the cost is and what’s included in the cost
• that you fully understand the terms of any agreement with the adviser.

You can also learn more about independent financial advice from the following sources:

• The Money and Pensions Service – a free and independent advice service set up by the government
• Citizen’s Advice
• Age UK
• Independent Age
• Society of Later Life Advisers