Consumer Duty
The FCA’s Consumer Duty sets higher and clearer expectations of consumer protection across financial services, including the parties involved in manufacturing and distributing insurance product and services. The rules apply to all parties in the distribution chain and cover all customers, except for contracts of large risks sold to commercial customers and reinsurance.
Consumer Duty is aligned with our culture and our strategy to focus on embedding a client first mindset. As product manufacturers we expect our partners writing on our behalf to also have a client first mindset and to support and enable ¾ÅÉ«ÊÓƵto comply with Consumer Duty in every aspect of the customer journey and product lifecycle.
Please refer to our Coverholder Handbook which details the Implementation of Consumer Duty requirements for AXA XL.
In addition to this we have also worked to put together a ‘What Good Looks Like’ document which outlines the requirements we need our Coverholders, Brokers and Third Party Administrators (TPA) to comply with to provide good customer outcomes at every stage of the customer and product lifecycle.
Product Fair Value Assessment & Target Market Statement
¾ÅÉ«ÊÓƵhas established a product governance process to oversee the design, approval and review the fair value of all our products in line with the requirements of the FCA’s Product Intervention and Product Governance Sourcebook (PROD) rules.
The purpose of this document is to provide distributors with the outcome of the 2024 Annual Product Review and Fair Value Assessment of ¾ÅÉ«ÊÓƵproducts that we have determined to be in scope of the FCA Product Governance Review.
On conducting your own review as a distributor, where issues are identified that are not highlighted within our review, please contact us so we can consider the impact on the product in our capacity as carrier.
Product Review and Fair Value Assessments Outcomes OverviewContact Us
For more information on any of the topics in this document, please contact, Consumerduty@axaxl.com.
Accident and Health
GP Locum (FVA) Group Personal Accident and Business Travel (FVA) Mobility Health - International Private Medical ÓÈÎïÊÓƵ(FVA) Aircrew Loss of Licence (FVA)Airside Liability
Airside Liability (FVA)Marine Cargo - Angel Risk Management
Marine Cargo (FVA)Commercial Property Owners - Direct and Commercial Combined
Commercial Property (FVA)Contingency
Contingency (FVA)Contractors All Risks (CAR)
Contractors All Risks (FVA)Contractors All Risks - Retail
Contractors All Risks - Retail (FVA)Title
Title (FVA)Cyber - Angel Risk Management
Cyber (FVA)Directors and Officers(D&O) - Angel Risk Management
Directors and Officers (D&O) (FVA)Employers' Liability
Employers' Liability (FVA)Environmental Impairment Liability
Environmental Impairment Liability (FVA)Equine and Livestock
Equine (FVA) Livestock (Commercial) (FVA) Poultry Protect (FVA) Pure Equestrian (FVA)Excess Public and Products Liability (Hathaway) - Angel Risk Management
Excess Public and Products Liability (Hathaway) (FVA)General Liability - Public and Product Liability
General Liability (FVA)Healthcare Liability
Medical Malpractice (FVA)Inherent Defects ÓÈÎïÊÓƵ- Retail
Inherent Defects ÓÈÎïÊÓƵ- Retail (FVA)Joint Contractors' Tribunal ÓÈÎïÊÓƵClause 21.1.1 (JCT) - Angel Risk Management
Joint Contractors' Tribunal ÓÈÎïÊÓƵ(JCT) (FVA)Fine Art and Specie
Fine Art (FVA)Jewellers' Block (FVA) Tailor Made Home ÓÈÎïÊÓƵ(FVA)
Life ¾ÅÉ«ÊÓƵ
Life ÓÈÎïÊÓƵ(FVA)Media and Entertainment
Media and Entertainment (FVA)Professional Indemnity
Professional Indemnity (FVA)Professional Liability - Angel Risk Management
Professional Liability - Non office package (FVA) Professional Liability - Office package (FVA)Property Damage
Property Damage - Commercial Auto (FVA) Property Damage - Homeowners (FVA) Property Damage - Single Perils (FVA)Security Risks (Non-Marine)
Security Risks (Non-Marine) (FVA)- Comprehensive Kidnap and Ransom (TMS)
- Corporate Crisis Prevention and Response (CPR) (TMS)
- Emergency Security and Disaster Evacuation (TMS)
- Workplace Violence and Stalking Threat (TMS)
Sports and Leisure - Angel Risk Management
Sports and Leisure (FVA)Sports and Leisure
Sports and Leisure (FVA)- Animal and Pet Business Personal Accident ÓÈÎïÊÓƵ(TMS)
- Event (Single Multi) ÓÈÎïÊÓƵ(TMS)
- Golf Affinity ÓÈÎïÊÓƵ(TMS)
- Individual Personal Trainers Sports & Coach ÓÈÎïÊÓƵ(TMS)
- Sports Accident ÓÈÎïÊÓƵ (TMS)
- Sports Clubs and Group ÓÈÎïÊÓƵ(TMS)
- Sports Personal Accident ÓÈÎïÊÓƵ (TMS)
- Sports Shooting Affinity ÓÈÎïÊÓƵ (TMS)
- Sports Travel ÓÈÎïÊÓƵ (TMS)
Unoccupied Property - Angel Risk Management
Unoccupied Property (FVA)