AX Sees FCA Consumer Duty as a Given Thing

The latest from AX, who are keen to adopt the FCA’s Consumer Duty and encourage other insurance brands to do the same. 

AX will operate in accordance with the principles of the Financial Conduct Authority’s Consumer Duty throughout its operations and is calling for more businesses in its sector to follow suit by adopting the framework which came into force in 2023.

Benefitting customers and its commercial partners including insurers, brokers and fleets, the accident aftercare and fleet incident management specialist is embracing the standards set out within Consumer Duty which are designed to ensure consistent, high quality, value for money service with excellent customer outcomes. With award winning customer service at its core already, the AX Group and its management team will double down on this ethos, structuring its products, services and culture in accordance with the outcomes set out in Consumer Duty.

This commitment by the Group, which includes the brands AX, AX Automotive and Motor Assist, through which its core credit hire, accident management, credit repair and fleet incident management solutions are delivered, will enable its commercial partners – who are subject to the Consumer Duty – to seamlessly procure outsourced services from the Group.

FAIR OUTCOMES

The Consumer Duty is designed to deliver high service standards, including setting clear expectations for firms’ cultures and behaviours and delivering good outcomes for consumers. It also requires businesses to ensure the quality and governance of products and services is appropriate, along with offering good value and sufficient customer support.

Scott Hamilton-Cooper, Chief Commercial Officer at AX said: “We’ve made this commitment to further cement many of our existing guiding principles. We recognise that while much of our operational activities do not come under the jurisdiction of the Financial Conduct Authority (and therefore the Consumer Duty), some of our commercial partners are subject to the rules which came into force in July last year.

“As well as being highly focused on meeting end-user expectations, this step will give additional confidence to our commercial partners that we are ready and able to help them to deliver the quality of service they and their customers require. This bold move should inspire other businesses to adopt Consumer Duty principles regardless of their regulatory status.

“The Group has reviewed its products and services using the Consumer Duty guidance as a clear benchmark. We have also considered the role of sub-contractors and suppliers in our customer solutions and will strive to ensure they meet our high standards when dealing with any customers.”

AX’s commitment to adhering to Consumer Duty may is bolstered by its existing emphasis on the end user experience, with an NPS rating consistently between a world-class score of 66 and 69, reinforced with an outstanding 4.5-star Trustpilot rating.

For more information about AX or Motor Assist, please visit: https://www.ax-uk.com/ and https://www.motorassist.com/