Age UK comment on FSA funding

Media statement from Age UK on the Nursing Home Fees Agency

Michelle Mitchell, Charity Director of Age UK, said:

"Age UK is concerned at today's FSA finding and we know those affected will be worried.

"These kinds of financial services are vital to older people and the government's plans for long term care funding.  But what this shows is that there has to be a strong proactive regulator who will intervene to prevent this kind of massive failing in future.

"Help the Aged had a relationship with the Nursing Home Fees Agency from 2003 until 2009 in which it acted as an introducer for the NHFA .  The NHFA also ran a care home fees advice line and offered an equity release product on behalf of Help the Aged.

"Help the Aged did not advise potential customers or have any input in investment decisions. The contract was reviewed as part of the Age UK merger process and it was decided to terminate the contract.

"NHFA were a major adviser in the area of funding care home fees and were trusted by many including Help the Aged. We are urgently reviewing the findings to see if today's announcement affects Help the Aged customers and how we can help them access compensation from HSBC, NHFA's parent company."

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Media contact: Fiona Callister

Tel: 020 303 31439

Out of hours: 07071 243 243

Notes to Editors

Age UK
Age UK is inspired by the belief that it can improve the lives of people in later life. It celebrates ageing and believes it presents unprecedented opportunities and challenges at home and abroad.

Age UK will challenge ageist prejudice in society, provide services that address market failures and support the public and private sectors to design age-friendly products and services.

It will support people to remain in their own homes through campaigning and practical services and its Information and Advice service will offer millions of people support on a range of issues from claiming benefits to staying fit and healthy.

Age UK will fund biomedical research that helps tackle the ill health and poor quality of life that are too common as people age. Working with over 350 partners across the country, Age UK helps influence local decisions and delivers the most appropriate services.

Its network of over 475 shops will act as a focal point for the local community, providing information and help with local services. Age UK works across the globe as well as in the UK, with its international partner, Help Age International, championing older people's rights and needs and as an active member of the DEC.