UK IFAs now required to offer later life advice

Independent financial advisors (IFA) are now required by a new regulation requirement to offer later life advice to their clients or recommend another IFA who can offer advice.

 The regulation came into effect on 1 January, and accredited members of the Society of Later Life Advisors (SOLLA) are able to offer advice on financial products and services to the later life market, which can help consumers make more informed decisions and avoid costly mistakes.

SOLLA aims to assist consumers and their families in finding trusted, accredited financial advisors who understand financial needs in later life and can provide advisors who specialise in equity release; long-term and respite care options; annuities; investments and savings; and tax planning.

SOLLA member Clive Barwell said: “It is important that the general public know to check that their IFA needs to be a member of SOLLA or is bringing in someone who is able to help plan their financial affairs, understanding the later life products fully to avoid problems in the years to come.”