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Equity Release and Long Term Care

The Governments recent proposals on the funding of Long Term Care have increased awareness of the potential financing opportunities afforded by equity release schemes, Cecil Hinton analyses the effectiveness of the various schemes under these proposals, and calls for the products and the market to be regulated under the FSA.

1 September 1996

The Government's recent proposals on the funding of Long Term Care have increased awareness of the potential financing opportunities afforded by equity release schemes, Cecil Hinton analyses the effectiveness of the various schemes under these proposals, and calls for the products and the market to be regulated under the FSA.

Background

You will be aware from recent Press articles and, indeed, earlier issues of this publication that the subject of funding long term care (LTC) is very much in the forefront of public and professional attention. On 7th May Stephen Dorrell, Secretary of State for Health issued the Government's consultation paper entitled "A New Partnership for Care in Old Age" and these proposals included the use of equity release as a means of paying for long term care. The paper invited responses from interested parties by 14th June and, in fact, over 500 were received: the Government is now considering how to take the proposals forward. ...

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