Social services Paying for social care and support

Independent financial advice for care charges

The cost of care and support may be a substantial commitment, over many years. If you have assets such as a privately-owned home or investments, you will want to understand the full impact of care charges on your personal situation, the long term financial implications and the full range of options available to you. Independent Financial Advice could help you to do this.

People who may benefit from independent financial advice include:

  • those who might need 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 with who may have assets and savings;
  • those who are already resident in a care home and paying for their care from their income and savings;
  • existing or potential residents who want to make sure that their savings, investments and other assets pass to their family and / or other beneficiaries; and
  • people acting as an attorney and looking after the financial affairs of someone in any of the above circumstances

Two categories of advice are available:

General Independent Financial Information and Advice 

This is typically provided through national call centres and websites and is usually free - but please check. 

Such services, frequently run by charities, will provide general financial advice about charging and payment arrangements which may help you to understand your financial options and plan your next steps.

Regulated Independent Financial Advice 

This is a fee-based service for which you will be charged. It is a personalised service provided by the financial services industry which, depending on your circumstances may provide access to financial products which could support your care plans and financial goals. 

It is important that you find a suitably qualified independent financial adviser and understand how much you will be required to pay for their advice; this may be an hourly rate or a set fee.

You can find providers of independent financial advice on our service directory - Help and Support Manchester.

If you are unhappy with the service received, you can contact the Financial Services Ombudsman

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