HSBC's decision to close care advice business could not have come at a worse time, says Saga

Thursday 23 June 2011

HSBC's decision to close care advice business could not have come at a worse time, says Saga

Commenting on HSBC’s decision to close their long term care advice division. Dr Ros Altmann, Director-General of Saga said:

“Saga regrets the loss of a valuable source of advice for elderly people who are often at a time of difficulty in their lives. This decision is particularly surprising given the looming crisis in elderly care and the imminent publication of the Dilnot commission recommendations, which have the potential to dramatically change the care funding landscape in the future.”

“There are approximately 150,000* self-funded residents in care at present and this is only expected to grow. For most people, care is a once-in-a-lifetime matter and people really need specialist advice on the care funding options available. HSBC’s decision means there are now fewer places to go to get such in-depth advice. This could disadvantage the elderly at such a critical time in their lives.”

“This decision suggests that too few people recognise the importance of speaking to specialists with an in-depth understanding of complex care funding legislation. Saga has a team of specialist care funding advisers and we remain committed to providing expert advice on paying for care – helping elderly people and their families navigate the minefield of current care provision.


Editors notes: * Source Laing & Buisson – Care of Elderly People Market Survey 2010-2011 - number of self-funders in care 2009

For further information please contact the Saga Press Office on 01303 771529.

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