Older people's charities have welcomed the government's
announcement that it will regulate the insurance market for
long-term care of older people.
The move by the Treasury is in line with one of the
recommendations of the Royal Commission on Long Term Care. The
commission called for the Financial Services Authority to oversee
long-term care insurance.
Speaking during the report stage of the Financial Services and
Markets Bill, deputy chief government whip Lord McIntosh of
Haringey, said ministers would "aim" to include long-term care in
the Regulated Activities Order, which will follow passage of the
The regulation, hailed as an important concession by charity
campaigners, will provide people with greater security when
deciding which insurer to choose when planning their long-term
Gail Elkington, policy officer for Help the Aged, welcomed the
government's announcement. "This is a significant concession and
the government is looking at it properly," she said.
Elkington urged the government to introduce strict guidelines
for the long-term care insurance market, on a par with those for
independent financial advisers.