Social care has been the elephant in the room for some years, dating back well before Sir Andrew Dilnot's report in 2011. Now we know what the Conservatives would do if elected - effectively they would create a floor below which the state pays, rather than the introduction of social insurance above a defined ceiling that Dilnot proposed.

For financial services firms, this would, in enacted, offer an unusually acute mix of risks and opportunities, while the FCA will  be thinking very hard about what is likely, de facto, to be a significant scope extension. Housing and pensions will also be integrally involved in how this plays out and there is a risk of unintended consequences (e.g. on saving rates). 

Two things are clear: that we will be wrestling with the implications of an ageing population for some time to come; and that the long run trend of transferring financial risk from the state to the individual/household shows little sign of abating.