The nature of retirement and later life advice is at a tipping point, according to Jacqueline Berry, chief executive of My Care Consultant.
Speaking to FT Adviser, Berry discussed the launch of new service My Care Hub, which she called the UKs first ‘one stop shop’ for adult social care advice.
The online platform, launched today (April 11) can be used by advisers to meet regulatory expectations relating to consumer duty and vulnerability, including the avoidance of foreseeable harm and the pursuit of the wider financial objectives of their clients.
The aim is to bring enable the financial advice sector to help people become better informed and supported when navigating care systems across the UK.
Berry said: “With the publication of the FCA’s final guidance for consumer duty, it became obvious that the advice sector would need to address the specific needs of unpaid carers as well as those in need of care, both in terms of the crosscutting rules and the four outcomes.
"Research has consistently highlighted the unpaid carers cohort and people that need care themselves, will make up the biggest group of vulnerable clients that many advice firms have, regardless of whether the adviser is aware of whom these clients are and to whom these circumstances apply.”
Caring responsibility is listed as a driver of vulnerability by the the FCA.
The hub will consist of three sections designed to help users plan for the future.
The first section will cover understanding lasting powers of attorney, wills, and mental capacity in the relevance of next of kin as well as unhealthy ageing linked to cognitive illnesses such as dementia.
The second and third sections will be dedicated to providing information for both parents and those in need of care and will cover how to access practical and financial support and links to other support services.
Consumer Duty
Berry said the drivers behind creating My Care Hub were the introduction of the FCA’s consumer duty and approach to vulnerability, the changing nature of advice and the Carers Leave Act 2023.
My Care Hub is fully aligned to the consumer communications and support outcomes of the consumer duty, according to Berry.
Advisers will be able to choose whether they want to charge their clients a nominal rate fee for accessing My Care Hub for 12 months or whether clients can access it for free.
Berry said: “My Care hub is an essential part of a firm's risk management process aligned to the consumer duty cross cutting rules of avoiding foreseeable harm and enabling clients to pursue their wider financial objectives.
