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Bill for common law couples will change industry

The Civil Partnership Bill launched last month will have wide-ranging implications for the financial services industry, says Nunwood Consulting.

The bill will change the nature of financial products and will also alter the relationship between samesex couples and financial providers Nunwood says.

The consultancy has set up a major research project to consider what impact that the bill, which has not yet been allotted definitive Parliamentary time, will have on the industry.

It says rights such as joint state pension benefits, to register the death of a partner and continue tenancy of a property, to claim a survivor pension and eligibility for bereavement benefits and recognition under inheritance rules are included in the bill.

The Civil Partnership Bill allows same-sex couples who register their partnership at a civil ceremony, similar legal rights to married couples.

Managing director Clare Bruce says: “We conducted preliminary research which indicated that many same-sex couples have to manage their finances differently from a married couple because their rights and responsibilities within the relationship are not legally binding.

“The potential changes will not only affect the financial products that are on offer, such as life and health insurance and mortgage protection but will also have an impact upon the whole of their financial management, be it savings, investments or bank accounts.”

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