44% of advisers expect the Consumer Duty to increase the focus on protection, according to the Association of Mortgage Intermediaries (AMI).
With the FCA’s Consumer Duty coming into force and advisers required to deliver good consumer outcomes, only 2% think it will reduce the focus on protection, while 31% think there will be no change and a quarter (24%) “don’t know”.
Moreover, data shows that more than third of advisers (37%) are not doing anything at present to help clients stay protected and keep existing protection policies in force, while almost half (49%) are conducting regular reviews with customers in the face of the cost-of-living crisis.
Stacy Penn, senior policy adviser at AMI, said: “It’s important the Consumer Duty is seen as an opportunity to accelerate change, as opposed to a barrier.”
AMI reveals this new Consumer Duty research ahead of its annual Protection Viewpoint Report, ‘The Great Protection Shift’, which will be released on the 3rd November in partnership with Legal & General and Royal London.
Penn added: “We’re excited Viewpoint is back for a third year, shining a light on the views of consumers and advisers.
“‘The Great Protection Shift’ encapsulates what we, as an industry, need to focus on if we are to propel the industry forward.”
Jeff Woods, head of intermediary development at Legal & General, said: “Legal & General are pleased to be working with AMI for the third year, taking a closer look at perceptions and misconceptions, the importance of communication and how consumers want to buy protection.
“We know how useful the previous reports have been to both advisers and providers, and so look forward to working with all parties again to deliver on the key actions.”
David Ellis, head of strategic partnerships at Royal London, added: “Royal London is delighted to be part of the AMI Viewpoint Research again this year.
“It has become a seminal point in the trading year that draws us together as an industry to reflect on how we are doing to deliver the very best outcomes for mortgage and protection customers.
“Once again, ‘The Great Protection Shift’ uncovers some interesting findings that we can all learn from.”
