86% of brokers are confident about their awareness of Consumer Duty just weeks ahead of its implementation, research from Hodge revealed.
However, 61% of brokers did want to have more information about Consumer Duty from financial providers to help them with the imminent changes.
The specialist lender surveyed 150 brokers about how they felt ahead of the deadline, and how ready the intermediary market is for this change.
Almost three-quarters (73%) said they were fully prepared for Consumer Duty coming into force on 31st July.
Nearly half (49%) did not think Consumer Duty would change the products and services they offered, while a quarter (25%) believed it would change the way they work.
Only 4% of those surveyed had employed an expert advisor to help with products that were new to them.
When it came to how brokers have been educating themselves about Consumer Duty, most (75%) learned through reading reports about the changes, 59% enrolled on CPD courses, and half (50%) attended or are attending webinars.
Emma Graham (pictured), business development director for Hodge, said: “With the Consumer Duty deadline just a few weeks away, it is good to know that our intermediary colleagues feel prepared for these big changes.
“Many have said to us anecdotally that Consumer Duty just feels like an extension of TCF, while others are concerned about the extra administrative burden Consumer Duty puts upon them, especially those in smaller companies or independent IFAs.
“What is clear is that brokers are keen to be educated on Consumer Duty, with three quarters of those we surveyed going out of their way to learn more, whether that be through webinars or reports, which is great to hear.”
Graham continued: “We also understand and hear the 61% who said they want to learn more from financial providers, which is why we at Hodge have created a Consumer Duty knowledge hub which brokers and IFAs can visit and learn more about the rules around Consumer Duty, as well as being able to download information sheets on everything from Product Intentions to Fair Value Assessments for their clients.
“Moreover, as the deadline draws nearer and even as we go past it, we want our intermediary partners to know that we are here to answer any questions or queries around Consumer Duty.
“Our underwriting team understands that this is a big change for some and so will be on hand to help with any affordability questions or general concerns as the new regulations come into effect.”
