Treasury bows on elderly care
Friday 13 December 1996
Angela Knight, the Treasury Minister, said the initiative was being taken in order to protect consumers and give them confidence to invest.
Research by Munich Re, a leading insurer, suggests the market for long- term care products could be worth up to pounds 10bn a year. Sales of home-income plans, where homeowners surrender part of the equity in their home in return for a guaranteed income, could be worth pounds 100bn.
The Treasury's decision reverses an earlier view by Stephen Dorrell, the Health Minister. In a consultation document earlier this year, Mr Dorrell argued against regulation on the grounds that this would stifle competition and innovation.
Garry Heath, chief executive of the IFA Association, the trade body for financial advisers, which had argued in favour of tight regulation, said: "I am delighted. These products involve huge amounts of money changing hands. We will be pushing for advisers to be properly trained to advise on these products."
- 1 UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 The enemy within: People who hear voices in their heads are being encouraged to talk back
- 4 Phil Neville backtracks on Tomas Rosicky 'I'd smash him' comments from Match of the Day 2
- 5 British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Paris attacks: Do not call Charlie Hebdo killers 'terrorists', BBC says
UK weather: Snow to fall in the coming week with sub-zero temperatures to last until early February
Asteroid narrowly scrapes past Earth: how to watch the closest space rock for decades as it flies by
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Prince Philip set to be knighted by Australia: Celebrate by reading his greatest gaffes
Nigel Farage: NHS might have to be replaced by private health insurance
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
French court convicts three over homophobic tweets, in case hailed as a 'significant victory' by LGBT rights campaigners
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
George Galloway condemns 'racist, Islamophobic, hypocritical rag' Charlie Hebdo at freedom of speech rally
iJobs Money & Business
£30000 - £32000 per annum + benefits : Ashdown Group: A highly successful, int...
£18000 - £20000 per annum: Recruitment Genius: This rapidly expanding business...
£25 - 28k + Bonus: Guru Careers: An In-house / Internal Recruiter is needed to...
Negotiable: Recruitment Genius: A Tax Assistant is required to join a leading ...