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Press comment: U-turn as care policy allowed to chop and change with political current

22/05/2017

If you are covering the current debate over care policy and the Conservative’s apparent U-turn on proposals outlined in their manifesto, please see the following comment from Old Mutual Wealth head of retirement policy, Jon Greer:

Jon Greer“Social care should not be a policy that is allowed to chop and change with the political current. By its very nature, the question of social care is one which affects every generation and which must be met with a sustainable long-term solution that offers everyone confidence they will have access to a reasonable standard of care if they become unwell in later life.

“Caring for someone with a degenerative later-life illness must not be subject to this kind of political to and fro and we’d urge policymakers to look at forming a social care policy which represents an acceptable compromise for all parties via a cross-party parliamentary group.

“This election campaign has forced the question of care to the front of our national debate, which is absolutely crucial if we are to find a measured and fair resolution to this important and emotive subject. But I fear that policy will suffer if it is a formulated under the heat of the election spotlight. By allowing social care funding  decisions to become a topic for political point-scoring, exemplified by today’s apparent reversal on manifesto proposals, policymakers risk losing sight of the fact that social care is not a short-term tax and spending initiative which can be tweaked on a rolling basis, like income tax or VAT.

“For those thinking about planning for their own retirement and later life needs, it is important to recognise that any changes being discussed now will be subject to lengthy consultation and will need to be approved by parliament. While it may affect you in the future, the principles of building healthy savings for later life remain unchanged.”

For more information contact

Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145 076tim.skelton-smith@omwealth.com
Michael GlenisterOld Mutual Wealth020 7778 963807469 144535michael.glenister@omwealth.com

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £116.5 billion in customer investments (as at 30 June 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

• The Multi-asset business is now Quilter Investors

• Intrinsic to Quilter Financial Planning

• The private client advisers business is now Quilter Private Client Advisers

• The UK Platform to Quilter Wealth Solutions

• The International business to Quilter International

• The Heritage life assurance business to Quilter Life Assurance

• Quilter Cheviot will retain its name

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.