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AMI Protection Viewpoint 2023 – The Perception Gap


  • The Association of Mortgage Intermediaries (AMI) shares some initial findings ahead of its annual Protection Viewpoint Report, in partnership with Legal & General and Royal London.
  • Following introduction of the FCA Consumer Duty on 31st July, AMI’s research highlights the initial impact on firms.
  • AMI Protection Viewpoint – The Perception Gap – launches on 8th November. Register now for the virtual launch event.

Two in five (40%) advisers say their firm has seen an increase in protection conversations with customers as a result of the FCA’s Consumer Duty, reveals the Association of Mortgage Intermediaries (AMI), ahead of its fourth annual AMI Protection Viewpoint Report on protection within the mortgage industry.

For a significant number of advisers, 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, this is not the case across the board. 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 8th November at the virtual event of AMI’s 2023 Protection Viewpoint report – The Perception Gap – in partnership with Legal & General and Royal London. Register for the event here. 

Stacy Penn, Senior Policy Adviser, Association of Mortgage Intermediaries said:

“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.”

Rachel Lummis, Director and Mortgage & Protection Adviser, Xpress Mortgages:

“Consumer Duty has given us the opportunity to make sure we are doing all we can to put the needs of customers front and centre. We are always striving to improve our service, so we’re looking forward to seeing this year’s AMI’s Viewpoint report to understand consumers better, helping us on our Consumer Duty journey and gaining a deeper insight into what others in the market are doing.”

Carrie Johnson, Customer Life Stage Director at Royal London said:

“It’s really encouraging to see evidence that the Consumer Duty is already making a positive change, increasing the number of protection conversations being initiated. This is a great outcome as we know the importance of having protection at the heart of the advice conversation, particularly when thinking about mortgages, as considering the range of products available will make a real difference to the financial health of clients throughout their lives. And, although more challenging when finances are stretched, it has never been more important to ensure clients can withstand life shocks, at any stage in their lives.”

Julie Godley, Director of Intermediary at Legal & General said:

“This report is a timely reminder of the vital role that advisers play in educating and empowering consumers to protect their financial future. The perception gap is a challenge that we all need to address as an industry, and we’re proud to support AMI’s efforts to raise awareness with relevant insights and sharing firm case studies.” 


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