As a UK based Managing General Agent, AXA Global Healthcare (UK) Limited are authorised and regulated in the UK by the Financial Conduct Authority (FCA). As you may be aware, last July, the FCA, published its policy and final guidance for the new Consumer Duty regulations coming into force on 31st July this year. These new regulations apply to all firms regulated by the FCA and apply to all activities by those firms undertaken to service and support retail customers.
Not all of our AXA – Global Healthcare businesses are regulated by the FCA however we are choosing to adopt these principles across all our business activities because we think it is the right thing to do for all our customers.
We welcome the new Consumer Duty and its focus on delivering good outcomes for all customers. We firmly believe that this customer-centric approach will benefit us all and, that by working together ahead of its introduction, we can help each other to be ready.
We’ve been working hard to review our processes to ensure we continue to deliver good outcomes for all our customers and the customer experience they expect. We’re now ready to share what you can expect from us over the coming months.
What are the Consumer Duty requirements?
The Consumer Duty requires that businesses take action to deliver ‘good outcomes for retail customers’ throughout the customer journey by understanding their needs, financial objectives and characteristics, including any vulnerabilities. In this context “retail customers” includes those who consume our products such as members of large corporate schemes. This applies across the customer journey and specifically for the following four outcomes identified by the FCA:
- products and services
- price and value
- consumer understanding
- customer support
All companies regulated by the FCA must also satisfy the ‘cross-cutting rules’ which require them to act in good faith to deliver good outcomes, help customers to achieve their financial outcomes and, act to avoid ‘foreseeable harm’ to customers.
Companies also need to show evidence that they are delivering good outcomes in these areas. You can find more information about the new Consumer Duty regulations from the FCA.
We’re already getting ready
As with other AXA entities, we’ve dedicated resources to ensure we’re ready for the deadline and have made great progress in the four outcomes highlighted by the FCA:
- Products and services – regular product and service reviews will consider suitability for the needs of all customers on an ongoing basis
- Price and value – fair value assessments are made to assess whether good value is received by all customers including vulnerable customers
- Customer understanding – review of our communications and documentation through a customer lens to maximise clarity, accessibility and overall experience
- Customer support – reviewing of FAQs, website content, claims and complaints processes plus, service standards to assess appropriateness and accessibility for all customers.
Where we identify enhancements could be made to customer experience, we’re making changes and investing in relevant training to support you and our teams.