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Seeking financial advice before making decisions

Deciding how to finance your care is a major decision. It is vital that you weigh up each option and your financial position carefully. Taking independent legal and financial advice from someone who understands the implications of each choice is strongly recommended.

Financial advisers

When choosing an Independent Financial Adviser you want someone who is going to give you impartial advice that is in your best interests that will help you make an informed decision about your care. It is important that you find someone you feel you can trust. You should also make sure that: 

  • they have experience of providing advice on long-term care
  • they hold a specialist qualification such as a certificate in long-term care insurance, CeLTCI, CF8 and for equity release ER1 and CeRER. The Financial Conduct Authority requires this for any financial adviser giving financial advice about long-term care.

You will need to pay for independent financial advice. Fees may vary from adviser to adviser, depending on their qualifications and location. However you pay for advice, your adviser should set out the charges in a clear and transparent way and make sure you understand how much you are paying.

It is also important to make sure that, if necessary, the adviser has a good understanding of the impact of the Mental Capacity Act 2005.

Sources of information and advice

The Society of Later Life Advisers (SOLLA) helps people find Independent Financial Advisers in their area who specialise in the financial needs of older people. SOLLA members are independently accredited to offer the added reassurance that, as well as holding professional qualifications, they can offer practical guidance to help you make decisions about financing your care needs.

Age UK is a national charity working to improve later life for everyone. Their website has a wealth of information, including choosing and paying for your own care.
Telephone: 0800 169 6565

The Financial Conduct Authority (FCA) regulates financial services, including details of qualified financial advisers. It also has information about how to be a ScamSmart investor.

The Money Advice Service provides free and impartial information on all aspects of managing your money. Their website includes a section on paying for your care, including options if you are self-funding.

Cambridgeshire and Peterborough Clinical Commissioning Group (CCG) is the organisation responsible for planning, organising and purchasing NHS funded healthcare for people living in the Cambridgeshire and Peterborough area.

NHS England for information on the criteria for Continuing Healthcare funding from the NHS.

The Citizens Advice Bureau provides impartial information and advice to people of all ages on a range of topics. They can help with information on benefits and managing your finances.

The government's Pension wise service provides free and impartial guidance to help people understand their retirement income options.


This information is intended to make you aware of some of the financial issues that arise when you decide to live in residential or nursing care. It is not intended as a statement of law on these issues. You are advised to seek independent financial, and if appropriate legal advice to ensure that you are aware of the implications of your decisions.

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