A significant portion of brokers believe that the new Consumer Duty regulations will focus on protection, a survey carried out by the Association of Mortgage Intermediaries (Ami), Legal & General, and Royal London shows.

In total, 44% of 254 mortgage advisers and independent financial advisers reported this, with 31% saying there would be no change and 2% not having an opinion.

On top of this, the survey found that 37% of advisers are not taking any action with their clients regarding protection. Half – 49% – of those who are say they are conducting regular reviews with their clients, 19% are reminding clients about products and payment deferral options, at 11% are writing to their clients about this.

The survey comes ahead of Ami’s annual ‘Protection Viewpoint Report’, carried out with Legal & General and Royal London, which will be issued in early November.

Ami senior policy adviser Stacy Penn says: “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.  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.”