The hub will be available for financial advice firms across the UK and help them meet the “regulatory expectation” of Consumer Duty and vulnerability, including the avoidance of foreseeable harm and pursuit of wider financial objectives of customers.
It will offer access to financial and practical support when customers are caring for an older adult, and support when they find themselves or a family member in need of adult care, right through to support with bereavement.
Jacqueline Berry (pictured), founding director of My Care Consultant, said: “We established My Care Consultant in 2016 as an independent, nationwide care navigator service, and the need for quality care related advice has only increased over time.
“Consumers are having to navigate the plethora of ever complex rules and processes across the UK care systems, at a time when most are trying to address urgent needs, have no prior experience of doing so and are often in a state of stress and anxiety.”
She continued: “My Care Hub will enable us to make the extensive knowledge we have built up over time available to a far greater number of people. It will provide valuable support for advice firms, providing an automatic care referral system that will give their clients 24/7 access to much-needed online information and guidance.
“One-to-one support from the expert care advisers at My Care Consultant is also available, as well as qualified signposting to related professional services such as legal advice, care provision, and property management support.”
Care system is ‘difficult and stressful to navigate’
Sarah Morris-Simpson, retail lending, care and proposition services director at Just Group, said: “Research for our annual Care Report consistently highlights that the vast majority of those accessing the care system find it difficult and stressful to navigate.
“Unpaid carers and those in need of care may represent a significant segment of vulnerable clients within an advice firm’s customer base, with the regulatory onus on the adviser to identify and understand the additional needs of these clients and their family members.
“We are delighted to partner with My Care Consultant to provide this truly valuable resource to advisers, ensuring their clients have easy access to accurate social care information and support in one place, presented in a way that cuts through the confusion and complexity.”
Keith Richards of the Financial Vulnerability Taskforce and Consumer Duty Alliance added: “The demand for care advice and support will soon catch up with the evident need, and we all need to be alert to the key role that financial planning is expected to play against Consumer Duty requirements to avoid foreseeable harm. It’s great that My Care Consultant are on the case to provide expert support and resources for the sector.”
Robin Melley, founder of Matrix Capital, Chartered Financial Planners, said: “The ability to direct clients to an online ‘one-stop shop’, providing self-service access to clear and accurate information, guidance and support for those who are caring for another adult, in need of care or are already in receipt of care, is in our view an invaluable service aligned to the regulator’s stance on both vulnerability and consumer duty. At Matrix Capital, we have no hesitation in recommending this service to other firms, whether they are specialists in this area or not.”
