MP Burstow launches new scheme for financial advice for older people

12.00.00am BST (GMT +0100) Mon 21st Apr 2008

Sutton and Cheam MP, Paul Burstow, has launched a new accreditation scheme for financial advisers offering advice to older people. The Later Life Advisor Accreditation Scheme has been designed by the Financial Services Skills Council (FSSC), the financial services industry and consumer groups.

With research showing that many older people are sceptical about financial advisers because of past problems with financial services the new scheme is intended to set a gold standard for financial advice.

Commenting, Mr Burstow said:

"With one in three of us likely to need long term care at some point in our life having reliable and impartial financial advice is critical. The Later Life Advisor Accreditation scheme is an important building block in creating a sustainable system of elderly care in the future.

"Making the right financial decisions in later life is critical. Poor advice cannot only be costly; the good advice may come too late. Access to well trained advisers accredited under this scheme should help to build confidence."