4th Jul 2005 16:00
HSBC Holdings PLC04 July 2005 HSBC ACQUIRES NHFA Ltd HSBC has acquired NHFA Limited, formerly known as the Nursing Home Fees Agency,a UK-based provider of independent financial and legal advisory services forthose considering long-term care. The transaction remains subject to regulatoryapproval. NHFA, which had gross assets of approximately £900,000 at 1 July 2005, providesfinancial and legal advice to mature people about to enter residential ornursing home care or in need of long-term care at home. Founded in 1991, NHFAhelps thousands of families each year. It is committed to providing free adviceto all mature people, their families and carers, regardless of means, on thefinancial and legal implications of obtaining and paying for care. These freeservices cover care home selection and all state-related benefits and services.NHFA derives income from those customers seeking advice on private financialservices. Tony Hope, Group General Manager of HSBC Insurance, said: "HSBC has identified aneed to develop its service offering for long-term care. The acquisition ofNHFA, the leading practitioner in the UK market, brings HSBC a new range ofservices. It also forms part of the bank's strategy of evolving its range oflater life services to fit with the extraordinary changes over recent years incustomer needs and desires identified by our 'Future of Retirement' study." Philip Spiers, NHFA's Managing Director, said: "We have decided that the bestfuture for NHFA is as part of a strong financial institution which shares ourphilosophy and ethos. We are both committed to providing the best advice in theincreasingly important and growing field of long-term care. At the same time, wewill maintain the highest standards of compliance and integrity in the adviceprocess, as part of an institution that shares our values. HSBC offers us amajor platform for the growth and development of our services and we aredelighted to become part of one of the world's most respected financial servicesorganisations." NHFA is an independent financial advice practice offering services which combinefinancial advice with the complexities of local and health authority chargingand assessment procedures, state benefits and legal matters relating tolong-term care. NHFA aims to enable mature people to meet the cost of theirchosen care whilst also preserving their original capital and with that theirindependence, dignity and right of choice. Financial advice includes selectionof the most appropriate short-term annuities or investments to match income withcare costs, tax and estate planning, and equity release loans to finance care orlifestyle aspirations in retirement. NHFA will continue to offer free careadvice services as a member of the HSBC Group. Hope continued: "In the UK, 10.2 million people are over 65 and an estimated onein four will require long-term care at some stage of their lives. As birth ratesdrop and life expectancy grows, the UK population is ageing, creating hugesocial and economic opportunities and challenges. HSBC has devoted considerableattention to the issue of later life, notably in the 'The Future of Retirement'study, and NHFA will provide us with a high quality platform for the furtherdevelopment of our services." HSBC's 'Future of Retirement' study, which was published in May 2005, surveyedattitudes towards ageing and retirement in 10 countries and territories. Itrevealed a growing global desire to create new models of later life and arejection of mandatory retirement ages and other proscriptive regulation.Further details can be obtained from www.hsbc.com/futureofretirement.com. HSBC intends to maintain its tradition of providing the best service to all ofits customers whatever their age or circumstances. Organising long-term care canbe a confusing, complicated and stressful task undertaken at a time whenindividuals are often at their most vulnerable. By acquiring NHFA, HSBC will beable to offer expert help to its customers in what is becoming an increasinglyspecialist field. Hope concluded: "HSBC is devoted to helping all of its customers understand andmanage their finances. It already funds nearly 40 financial literacy programmes.HSBC is now poised to provide its mature customers with the specialist andprofessional advice they need to make informed lifestyle decisions." Note to editors: HSBC Holdings plcHSBC Holdings plc is headquartered in the UK. The HSBC Group serves over 110million customers worldwide from more than 9,800 offices in 77 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$1,277 billion at 31 December 2004,HSBC is one of the world's largest banking and financial services organisations HSBC is marketed worldwide as 'the world's local bank'. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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