Care Asset Management

Reviews

• We've been let down!

  I am Power of Attorney for my father aged 90 who is self funding in a care home and is diagnosed with dementia as well as several serious physical conditions. Pending the sale of his house after my mother's death, I approached the advice organisation Care Aware who put me in touch with Care Asset Management.. I had several meetings with one of their friendly financial advisors as a result of which I invested a large sum of money into a Standard Life Capital Bond as a means of conserving his assets as long as possible to pay his care costs. I paid no fees to CAM as their remuneration came by way of a sizeable commission from SL. So far so good. However the financial crisis which manifested itself to us the general public last Autumn reduced my capital by well over 20% . Whilst some of the loss was due to global financial circumstances it could have been minimised if CAM conducted regular monitoring of the funds they choose to recommend to their clients. Assuming that they were 'looking after' my father's financial interests I was not monitoring the performance of funds myself. I became aware 3 months SL myself to request a statement. Surely a Company such as CAM which prides itself on offering advice to clients 'in later life' which to many of us would imply a degree of integrity ought to look in the future to taking care of their clients after they have 'scooped' the commission. Although I have appealed to them on the above grounds to consider some sort of recompense, they deny any responsibility and have informed me of my rights to take my complaint to the Ombudsman. I feel that I have no alternative if I am to fulfil my responsibility as Power of Attorney in safeguarding my father's assets.

  10

  Janet L.
  Review Date: 16/08/2009 Report review