Almost half (44%) of advisers predict the Consumer Duty to increase the focus on protection, according the Association of Mortgage Intermediaries (AMI).
The findings came from a survey of 254 IFAs and mortgage advisers carried out by the trade body ahead of its third annual AMI Protection Viewpoint Report on protection within the mortgage industry.
Just 2% think the Consumer Duty will reduce the focus on protection, while 31% think there will be no change and 24% did not know.
However, the research also found more than third of advisers (37%) are not doing anything at present to help clients stay protected and keep existing protection policies in force as they navigate the cost-of-living crisis.
Of those that are – half (49%) are conducting regular reviews with customers, a fifth (19%) are reminding customers about product flexibility and payment deferral options, and one in 10 (11%) are writing to customers about their cover or additional benefits available.
The full Great Protection Shift report will be released on 3 November.
Stacy Penn, senior policy adviser at the Association of Mortgage Intermediaries, said: “The Great Protection Shift encapsulates what we, as an industry, need to focus on if we are to propel the industry forward. It’s important the Consumer Duty is seen as an opportunity to accelerate change, as opposed to a barrier.
“This year, to supplement our consumer and adviser research, we carried out qualitative research involving a bespoke community of consumers to give extra depth to our findings.
“Once launched, we hope the report will provide invaluable insight that advisers and providers can use at a time when consumers need advice and solutions more than ever.”
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.”
