No defaqto rating on Monzo+ AXA Insurance product

Was looking into Monzo+ and family insurance option and noticed there was no defaqto rating visible.
I thought that a core Monzo attribute was transparency, should this not be applied to all Monzo product detail on offer?
Defaqto explanation
I’m actually astonished and surprised (in a bad way) at this decision.
I always go for defaqto 5 star insurance, I know a family that had to remortgage their house to cover a sons medical bills from an insurance policy that was not comprehensive enough, you get what you pay for.


Must admit I’ve seen the logo around but never understood what it really meant. Thanks for the link and explain. It seems a bit like Which but for financial products, I assume the long as short of it is they haven’t paid for Defaqto to review it…or would that be an overly simplistic answer?

I don’t know why people feel the need to use this as a stick to beat Monzo with. I see it more and more everyday and it’s literally applied so liberally it’s maddening.

“This thing isn’t quite what I want, I thought you were transparent MoNz0!?!”


Transparency relates to not hiding things. If your rating doesn’t exist for this product and so isn’t being displayed then that’s about as transparent as it can be :man_shrugging:


I’m assuming it doesn’t have one? Is there a way to check?

Seems incredible that someone would sign up to an insurance product via Monzo without being able to make an ‘educated’ decision - the reason for having a defaqto rating in the first place.
Educated decision and transparency in financial products would seem pretty closely aligned to me. In future when looking into the detail of Monzo products maybe I’ll lower my expectations and standards :joy:

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Do new insurance offers usually have a rating from the beginning? I don’t know much about how they do it.

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I’ve sent a quick email to defaqto to find out, as they are now shut. I’ll post their response when I get it.


I’ve never looked at that - I always check what’s covered before I buy on the key facts document, but never cared to check the defaqto rating.

I don’t know anybody who does either, so I guess it might be widely applied to insurance policies but maybe not widely appreciated by the public. strong text

No Monzo stick beating going on here Coral Crew :+1: being able to compare a travel insurance financial product and knowing what you are really getting is essential it could cost you your house. I’m sure the MSE would have a field day with this. I’m hoping that Monzo improves its products and maintains high standards.

But the insurance policy details are all available in the key facts documentation - you don’t NEED a defaqto rating!

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Good luck reading 28 pages :joy: and then comparing it to other insurance products. I’m sure your average Joe does this when they choose one.
Surely as Monzo is only offering one they could put a defaqto rating on it. Which is the reason for having one. They like Which ratings so much they put them on the website front page - defaqto not so much
Travel insurance detail

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Similar to an earlier post, I’ve noticed Defaqto logos before but didn’t know what they were.

It’s certainly not something I’ve personally looked for in over a decade of buying insurance or other financial products.

Is a Defaqto rating something the rated company would need to pay for or would Defaqto just create one on their own initiative? If the later, shouldn’t the question of why there isn’t a rating be directed at Defaqto?

I really think you should start looking, unless you have a database to compare the small print. It’s pretty basic stuff.

I’ve also emailed the 28 page travel insurance document to defaqto to see if they will rate AXA’s monzo+ offering and then I’ll post what they send back to me

To not quite echo the others, on the topic of the rating itself, I’ve never heard of it and have to say I haven’t seen it referenced anywhere (websites etc.) either. (I probably have, I just wouldn’t have recognised it).

If it’s some sort of standard marking I think it needs a lot more publicity! (Watching YouTube videos at work to find out is a bit of a non-starter)


I read the key facts documents and compare those. I’ve never had a problem whenever I’ve claimed - so I suppose my method works just as well as yours, despite your condescending tone.

I also dislike the fact that defaqto doesn’t take into consideration value for money, which I can do myself. I also don’t find the categories particularly helpful, because it doesn’t tell me anything about the policy, so I’m going to read the key facts policy anyway.

I don’t have a problem with anybody who uses the defaqto system to help them buy insurance, I’m just suggesting that it isn’t used by consumers on a wide spread basis, and that personally whether an insurance policy is rated or not does not matter to me.

I have annual policies (separately) for both my partner and myself. I don’t know if they’re defaqto rated, but I do know that our individual policies suit our individual needs. Whether a policy is 5/4/3 star rated doesn’t tell me that.


I’ve never used Defacto :man_shrugging: .

I don’t agree that you should have to pay an external company to prove something. My small school stopped bothering to pay for the Investor in People because non of the staff who joined in the last 5 or so years (including me) knew what it was or used it as a reason to apply for a job there.

I’m always around to be critical of Monzo over a range of things I disagree with but I don’t think this is a reason to. It is a new product and all the information is available in policy documents. It doesn’t mean Monzo is hiding anything - to be fair Monzo, as a company, are quite open with most things.

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I’m very surprised that so many people haven’t come across Defaqto before. If you use services like Compare The Market, they always display the rating. MSE articles on insurance always mention the rating. I’ve seen it on TV adverts, websites, etc.

I would always base a decision on whether to buy an insurance policy on what is in the Key Facts document but I don’t bother looking at policies that haven’t been rated 5 stars by Defaqto.


Nice to get a reply from a fellow Defaqtonaut :joy:comparing one 28 page document with another 28 page document is not an easy thing to do.
Defaqto probably isn’t perfect like Monzo but it’s a much quicker way of looking at what you’re dealing with and it’s independent.
I also don’t know if you have to pay for a rating… yet.
I’m surprised that tech savvy Monzonauts are not keen to have a streamlined system for evaluating and comparing financial products.

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I’m sorry you feel that way - no tone intended.
Reading one 28 page document and comparing it to another must be very time consuming for you. I’m just surprised that in 2019 people wouldn’t want to see a Defaqto rating on their financial products or something similar

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