As many as 40% of adviser firms have experienced an upturn in protection conversations with customers since Consumer Duty was brought in, according to the Association of Mortgage Intermediaries (Ami).
The statistic was revealed ahead of the trade body’s fourth annual Ami Protection Viewpoint Report on protection within the mortgage industry.
The study, in partnership with Legal & General, also found Consumer Duty has acted as a catalyst to broaden the protection conversation. A third (33%) of advisers have noticed changes have been made to how they are required to evidence customer protection conversations on file and almost a quarter (24%) say they are now talking to customers about a different variety of protection products.
However, a little over one in five (22%) of advisers have not seen any protection related changes made by their firm.
The survey also reveals that advisers are missing out on opportunities, as more than a quarter (28%) of consumers that could not recall a protection conversation with their mortgage adviser said they would have been interested in having one.
Full findings from the 2023 consumer and adviser research will be revealed on Wednesday 8 November at the virtual event of Ami’s 2023 Protection Viewpoint report – The Perception Gap. To register for the event, click here.
Ami senior policy adviser Stacy Penn says: “It’s encouraging to see many mortgage intermediary firms embrace Consumer Duty and hopefully customers are beginning to see the benefits of having better conversations around protection.
“The Ami Viewpoint event will provide thought leadership on what we believe are the key issues and opportunities in the market, brought to life through the lens of consumers and advisers. We’ll take a closer look at current hot topics facing the industry, such as the value of advice, consumer buying habits and generational opinions and attitudes.
“This year’s title ‘The Perception Gap’ is a deliberate play on words. It reflects how over the years we’ve talked a lot about the protection gap – and not got very far in reducing it. We feel it’s time for a re-think as understanding perceptions, and more importantly tackling misperceptions, is the key to protecting more people.”
