60 Seconds with...Ian Atkinson
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IAN ATKINSON
IFA AND LONG-TERM CARE EXPERT
RETIREMENT SOLUTIONS
IFA and long-term care expert Retirement SolutionsWhat are the implications of the Dilnot report?
It is positive for the long-term care industry as many insurers will return to the care market that had been put off. For instance if an insurer covered a patient with Alzheimer’s disease and then a cure was found it would spell disaster for the firms’ life expectancy forecasts.
But the cap on care costs of £35,000 will remove this open-ended situation so I imagine insurers are having serious discussions about the care market this week. Equity release could also play a role as a way of funding long-term care. It is good news for IFAs as the current situation is unsustainable and something must be done.
When will reforms be introduced?
Legislation will not come into force until 2014 at the earliest and I suspect it could be even later. Something is going to happen in terms of long-term care and the Dilnot report is a giant leap forward. It is certainly being discussed more and I have never seen as many media reports on the subject as there were last week.
How can mortgage brokers look to enter the long-term care market?
It’s crucial those looking for long-term care receive appropriate advice and if advisers branch out into other areas then they should take the appropriate exams and become more knowledgeable on the subject. Advisers won’t get anywhere without the right qualifications.
If you were in charge of the FSA for a day what would you do?
Carry on with more of the same as I remember the days with less regulation and it was madness. I think financial services has never been in better shape than now.
What three items would you take to a desert island?
Fishing rod, sand boules and a golf club with one ball.
Do you have any secret talents?
I can guddle. It means I can catch a trout with my bare hands. The best Welsh guddler can tickle a trout to sleep and then pull it effortlessly out of the water. I’m halfway to being able to do it.
Who would you have play you in the movie of your life and why?
Any small, bald actor we all look the same.
What book are you reading?
The Return of the Dancing Master by Henning Mankell.
Interview by Samuel Dale
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