Regulated Advice, Choosing an Adviser, and Costs
What is regulated financial advice?
Regulated advice is given by advisers authorised by the Financial Conduct Authority (FCA). They:
- Recommend specific products or services to help pay for care
- Charge for their advice
- Must follow a code of conduct and ethics
Some advisers specialise in care funding and are known as specialist care-fees advisers.
How to choose a care-fees adviser
Look for someone who:
- Is authorised by the FCA
- Is a full member of the Society of Later Life Advisers (SOLLA)
- Offers a free initial consultation
Prefer advisers who:
- Are independent (not restricted to certain products)
- Charge directly (not through product commission)
- Refer to Solicitors for the Elderly for legal advice if needed
How much does it cost?
Fees vary depending on:
- Where you live
- Your situation
- The level of advice needed
You may pay between £75 and £250 an hour. Always ask:
- How much will it cost?
- Is it a fixed fee or hourly rate?
