Despite wanting more details from lenders, a poll conducted by Hodge found that most brokers were confident that they were aware of the requirements of Consumer Duty, as cited by 86 per cent of the 150 respondents.
Around three quarters said they were fully prepared for the implementation of the rules.
Nearly half, 49 per cent, said they did not think the incoming rules would change the products and services they offered, while a quarter said it would change the way they work.
Some four per cent of brokers appointed an expert adviser to help them with products that are new to them.
Some three quarters of brokers have been reading reports on Consumer Duty to educate themselves, while 59 per cent have enrolled on CPD courses. Half of the respondents said they had attended or were attending webinars to improve their knowledge.
Emma Graham, 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 Treating Customers Fairly, 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.”
Resources from lenders
Graham continued: “We also understand and hear the 61 per cent 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.”
Hodge’s Consumer Duty Knowledge Hub can be found here.
