If you have:
- other assets
It is 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. For more information visit www.FCA.org.uk
You may want to get independent financial advice to help you plan for the cost of care and understand the options available to you.
Who would benefit from independent financial advice?
Many people may benefit from independent financial advice including:
- those who might need a small amount of additional income to fund care at home, or capital for adaptations/extensions to their home
- people with an immediate need for long-term residential or nursing home care
- those who are already resident in a care home and paying for their care from their income / savings
- existing or potential care home residents who want to make sure that their savings, investments and other assets pass to their family and/or other beneficiaries
- people acting as an 'Attorney' and who are responsible for the financial affairs of someone in any of the above circumstances
Some independent financial advisors provide advice on general areas of financial management including for example, savings and pensions. Others may specialise in aspects of financial management that relate to the meeting of your needs for care and support including paying for care. These are sometimes called ‘specialist care fees advisers’.
When choosing an adviser, you will want to be sure:
- They are qualified and experienced in the type of advice you need
- How the advice is paid for (e.g. you might pay the adviser, they might receive commission, or a mix of the two)
- What the cost is and what’s included in the cost (Many advisers offer the first session for free)
- That you fully understand the terms of any agreement with the adviser
Where can I get independent financial information and advice?
For a list of organisations that provide independent financial advice in Newham, click on the directory link below and enter your postcode:
Independent financial advice in Newham
For more information please contact the services directly but if you are still unsure you can contact:
Access to Adult Social Care Team
Call: 0208 430 2000 Option 2
Text phone:18001 020 8430 2000
The information contained here is drawn from various sources. To the best of our knowledge it was correct at time of publication.
The information does not constitute financial advice. It is for guidance only and you should do your own research. The information does not cover every website designed to search for a financial adviser. Always do your own research to ensure any service you are considering is right for you and your specific circumstances.
We cannot be responsible for the content or accuracy of websites listed here.