AX Group is adopting the standards set out within the Financial Conduct Authority’s Consumer Duty and is calling for more businesses in its sector to follow suit.
The accident aftercare and fleet incident management specialist is embracing the standards set out within the Consumer Duty framework, which came into force in 2023, despite the regulated activity not being a core part of its business.
Consumer Duty only applies within the Financial Conduct Authority’s regulatory perimeter so will not affect unregulated business.
But AX said it would structure its products, services and culture in accordance with the outcomes, which are designed to ensure consistent, high-quality, value-for-money service. This will benefit its customers and commercial partners, including fleets, insurers and brokers.
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 – which are subject to the Consumer Duty – to seamlessly procure outsourced services from the group.
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.”
