Social care reform could see insurance products fail Consumer Duty: ABI

Within the Prepare for Care report, published on 9 February, the insurance trade body warned that under the new reforms, more insurance and long-term savings policyholders would receive less receive less financial support for social care from their local authority. Based on research carried out by the Pensions Policy Institute, the ABI stated that due having such a policy would mean local authorities would consider payments from the plans as part of an income. As a result, support from local authorities for care costs could be reduced or even cancelled altogether under the current ref...