Universal Credit clarification has 'duty of care' implications

Adam Saville
clock • 1 min read

Confirmation from DWP that lump-sum pay-outs will not be means-tested has 'implications for all types of protection insurance'

Justin Harper, head of protection policy for LV=, has welcomed yesterday's clarification from the Department of Work and Pensions (DWP) regarding Universal Credit following years spent lobbying as part of Building Resilient Households Group (BRHG). However he also pointed out that responsibility now falls upon the industry to tailor advice and develop products accordingly, in order to take advantage of the DWP's decision to allow life insurance and protection lump sum pay-outs to be exempt from means-testing.   "Universal Credit is far reaching and has implications for all types of pr...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

More on Regulation

Spring Statement 25: Update on welfare reform

Spring Statement 25: Update on welfare reform

OBR confirms saving

Jaskeet Briah
clock 26 March 2025 • 4 min read
FCA to cut down on FS regulation amid five-year strategy launch

FCA to cut down on FS regulation amid five-year strategy launch

Moving to simplify rules for financial firms

Sorin Dojan
clock 25 March 2025 • 1 min read
Spring Forecast expected to see tough fiscal measures 'in the offing'

Spring Forecast expected to see tough fiscal measures 'in the offing'

Announcement on 26 March

Sorin Dojan
clock 24 March 2025 • 4 min read