Funding your care and support needs - independent financial advice

We have a legal duty to help you access financial information and advice which is impartial and independent from the council. This should include services providing free financial advice of a general nature and chargeable fee-based advice, providing financial advice regulated by the Financial Conduct Agency Services Authority (FCSA).

As part of your your assessment we will provide you with comprehensive information about the costs and charges related to any proposed care and support plan. This information will include the cost of any propose home care or care homes and the various ways of paying for your care and support.

The information will be based on an financial assessment of your income and assets against criteria laid down by the government. .

It will be important for you to know that any plans you make will provide you with the care and security you will need in the longer term, particularly if your needs or costs increase.

It will also be important that you take a long-term view of your personal financial situation, take advice appropriate to the complexity of your financial circumstances and make plans accordingly.

The benefits of getting independent financial advice

The cost of care and support may be a substantial commitment over many years. If you have assets such as your own home or investments, you will want to understand the full impact the cost of your care and support will have on your personal situation, the long term financial implications and the full range of payment options available to you.

You may benefit from independent financial advice if you:

  • need a small amount of additional income to fund care at home, or capital for adaptations to your home
  • have an immediate need for long term residence in a care home
  • are already resident in a care home and paying for your care from your own income and savings
  • are acting as an attorney and looking after the financial affairs of someone in any of the circumstances above

Two categories of financial advice are available

The two categories are:

  • Unregulated and Regulated independent financial advice.

General Independent Financial Information and Advice - is typically provided through national call centres and websites and is usually free - but please check.

The following services provide general financial information about charging and payment arrangements which may help you to understand your financial options and plan your next steps.

Consumer Websites: - Which Elderly Care

Citizen Advice Bureau provide free, independent, confidential and impartial advice to everyone on their rights and responsibilities. Find your nearest Citizens Advice Bureau.

National Helplines Telephone
Age UK 0800 169 6565
Independent Age 0800 319 6789
Alzheimers Society 0300 222 1122

Sense for Deaf blind people 

 0300 330 9250

Carers UK

 0808 808 7777

Housing Advice

 0800 377 7070

The Welfare Rights Service can provide benefits advice and support to you if you are a pensioner, a carer or need help to appeal a benefit decision.

PayingForCare are a non-profit making organisation who offer advice about long term care, specifically around how to pay for care. They offer general financial advice but may also suggest that you seek regulated financial advice and will refer you to one of their listed advisors.

PayingForCare are part of the Partnership group of companies which includes Partnership Life Insurance Company Limited an authorised insurer. PayingForCare also have a useful care fees calculator so you can work out how much care fees might cost.

Regulated Independent Financial Advice – is a fee-based, personalised advice service provided by the financial services industry which, depending on your circumstance may provide access to financial products which could support your care plans and financial goals.

If you want regular financial advice it is important that you find a suitably qualified independent financial adviser and understand how much you will be required to pay for their service; this may be an hourly rate or a set fee. We cannot recommend an individual adviser.

The Society of Later Life Advisers (SOLLA) is a national charity which provides support for people to access regulated financial advisers who hold an enhanced accreditation in respect of later life and disability related issues.

SOLLA holds a national database of accredited advisers from which you may choose. SOLLA would suggest that you select three to talk to before making a final choice in order to ensure that they meet your personal requirements.

Please note: Lancashire County Council has supplied details of available Independent Financial Advice for your information only. The information is not exhaustive and other financial advisers are available. Lancashire County Council is not responsible for the products, policies or services offered or approved by any external organisation or provider. The Council will not be responsible for damages or losses, however caused, or suffered by any person who relies on information and advice provided by any external organisation or provider.

Unhappy with any financial advice received

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