Independent financial advice
On this page you’ll find information on independent financial advice, including who might need advice, when you might need it and who to contact.
What is independent financial advice?
Under the Care Act, councils are responsible for providing you with access to independent financial advice.
Independent financial advice means advice which is independent from any organisation or service. It is impartial and unbiased so you can be confident that the advice has not been influenced by anyone.
Why might I need independent financial advice?
Independent financial advisors can advise you on how to make your money work best for you. Unlike health, care and support isn’t free so it’s important to plan ahead for any care costs.
It can be difficult to make life changing decisions on your own and the financial calculations can be complex, a financial advisor can help you understand the costs so you can make the best decision.
A financial advisor can help you to understand:
- care charges – including what you might have to pay, when and why you might have to pay and how this is effected by your individual financial circumstances
- ways to pay – including deferred payments and paying with your income or assets
- access to money management services – including access to basic information and support to help balance your finances as well as information on benefits, debt management and future financial planning
Who might benefit from independent financial advice?
There are lots of people who might benefit from independent financial advice, these include but are not limited to:
- anyone looking to plan ahead for their future care and support needs
- anyone who needs a small amount of money to fund care at home or to pay for adaptations or extensions to their home
- anyone with an immediate need for long-term residential or nursing home care
- anyone already staying in a care home and paying for it from their own income or savings
- anyone acting as a power of attorney and looking after the financial affairs of someone in any of the above circumstances
How to choose an independent financial advisor?
Financial decisions can be life changing so it’s important to make sure you choose the right financial advisor.
There is a difference between guidance and advice. Financial advisers give you advice and are authorised and regulated by the Financial Conduct Authority (FCA). They can only recommend and sell you products that are suitable for you. If you receive advice and purchase a financial product then you will have access to a financial ombudsman service or financial services compensation scheme if you are unhappy with the service or advice. If you receive just guidance (non-advice or information only) before purchasing then you may not have access to the same services and guarantees. It’s important to know that charities such as the Money Advice Service and the Citizens Advice Bureau offer financial guidance rather than regulated financial advice.
I’d like independent financial advice, who can I speak to?
Below you’ll find examples of some of the organisations which offer independent financial advice or can recommend an independent financial advisor.
It’s important to note we cannot recommend any particular adviser or advice and guidance service and it's important that you find out if an adviser is qualified to give advice.
Contact Luton CAB
15 New Bedford Road