According to Smart Money People’s Mortgage Lender Benchmark for Q4 2022, which collated feedback from 750 brokers, 17.2 per cent said that lenders should focus on communication ahead of the Consumer Duty deadline.

Brokers said they wanted to ensure that they and their clients were “kept up-to-date with responses offered in a timely manner” and pointed to “jargon-free language”.

Around 12 per cent said that they wanted improvement in the clarity of messaging from lenders and that they wanted to ensure communication was “clear, fair and not misleading”.

Of the brokers surveyed, 17 per cent stated that affordability was a concern ahead of Consumer Duty, with brokers stating that they wanted a “flexible, understanding approach” from lenders.

Brokers said they understood that lenders’ risk appetites were different but brokers said they wanted an acknowledgement that a ‘one-size- fits-all’ approach to criteria was no longer appropriate.

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Jacqueline Dewey, chief executive of Smart Money People, said: “Understanding brokers’ concerns with Consumer Duty is paramount as we fast approach the deadline. I can’t say we’re surprised to find that lender communication is the leading issue for brokers, as this was a key concern highlighted in our most recent Mortgage Lender Benchmark.

“We are helping firms deal with the new rules due to our experience and expertise in the consumer insight space. We have eight years’ worth of data asking customers whether they felt fairly treated, understood product details and thought products were good value for money.

She added: “Our service ensures companies are provided with an independent and impartial view of their performance using genuine customer data, which is an invaluable asset under the new Consumer Duty regime.”