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Financial advice

The options for funding your care will depend on the amount of help and support you need, and your financial circumstances.

Planning your finances

Planning for your care gives you more choice and control over the care you or a family member may need.

You may need to consider:

If you initially fund your own care but then need to turn to the council because you can no longer afford to do so, we may not provide the financial support that allows you to keep the same level and type of services that you have had before.

Good information and advice on financial options means that you can plan to avoid this eventuality.

How to fund your long-term care

For more information, the Money Advice Service has a beginner's guide to funding long-term care.

How to fund your long term care

Types of financial advice

Financial information and advice can enable you to make well informed choices about how to plan and pay for a present and future care need.

Financial advice may be unregulated or regulated

Unregulated advice

Unregulated financial advice may include information on benefits, debt, budgeting, and ways to pay for care.

This could be provided by the Local Authority or an independent person or organisation, charity or voluntary group and may be free or fee-based.

Regulated advice

If advice is regulated, it means that the advisor must follow rules set out by the Financial Conduct Authority (FCA), an independent official body that ensures the quality and integrity of financial advice.

The Financial Conduct Authority (FCA) recognises two types of regulated adviser:

  • independent (they offer the full range of financial products from all providers)
  • restricted (they only recommend certain products or product providers, and must clearly explain the nature of the restriction)

Regulated financial advisors do charge fees and they must be clear and open about how much.

Find a regulated financial adviser

The Society of Later Life Advisers (SOLLA) is a non-profit organisation that accredits financial advisers for their specialist knowledge of financial issues of concern to older people, including the funding of care.

Find a SOLLA accredited adviser in your area