2007
(02/07/2007) AXA welcomes FSA regulation of travel insurance
AXA welcomes the Treasury announcement that the Government intends to give the Financial Services Authority (FSA) the responsibility for regulating the selling of travel insurance sold along with a holiday.
AXA had pressed for this change arguing it would strengthen the standard of training, documentation and complaints handling within the travel industry. More importantly, FSA regulation will give consumers the added protection that a fully regulated environment brings including automatic access to the Financial Ombudsman Scheme (FOS), which they do not have under the current ABTA scheme.
Anthony Middle, General Manager, Corporate Partnerships at AXA said, "We believe that the insurance industry, and AXA in particular, has the capability to support travel companies who wish to be able to offer travel insurance to their customers as part of a comprehensive package.
"We already work with Thomas Cook, one of our major business partners, on a fully regulated basis. They are appointed representatives of AXA which means that AXA takes on the responsibility of monitoring and controlling the sale of travel insurance as well as the training and competency of Thomas Cook's employees involved in insurance sales."
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About AXA
AXA UK is a part of the AXA Group. AXA Group is a worldwide leader in Financial Protection. AXA's operations are diverse geographically, with major operations in Western Europe, North America and the Asia/Pacific area. For full year 2006, IFRS revenues amounted to €79 billion and IFRS underlying earnings amounted to €4,012 million.
The AXA ordinary share is listed and trades under the symbol AXA on the Paris Stock Exchange. The AXA American Depository Share is also listed on the NYSE under the ticker symbol AXA.
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