Mutuals call for UK government support to close the protection gap

Government actions highlighted to help mutual sector

Jaskeet Briah
clock • 2 min read

Trade body, the Association of Financial Mutuals (AFM), has called on the UK government and regulators to implement reforms to double the size of the mutual sector, boost financial resilience and improve financial outcomes.

The AFM said mutuals can help to address three resilience gaps in the UK economy: the protection gap, the healthcare gap and the savings gap. Its strategy aims to highlight the ability of mutuals to reach groups "often overlooked by mainstream financial services firms and providers". Its strategy, called Closing the Gaps: Building Financial Resilience, outlined how government and regulators can "unlock the full potential of mutuals", it said mutuals are "well placed" to help support three key national priorities. These priorities include helping individuals and families deal with fina...

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

Closing the protection gap will require advisers to think differently

Closing the protection gap will require advisers to think differently

“We won't close it through the actions of one adviser, one firm or one network”

Toni Smith
clock 30 September 2026 • 4 min read
Triple lock to change in 2030: Burnham

Triple lock to change in 2030: Burnham

PM said state pension to ‘rise at least by prices [inflation] or 2.5%’

Isabel Baxter
clock 29 September 2026 • 3 min read
Burnham to propose social care plans at general election

Burnham to propose social care plans at general election

Aims to be preventative

Jaskeet Briah
clock 28 September 2026 • 2 min read