The Fairbanking Mark
The Foundation operates an accreditation scheme to encourage banking organisations to improve the financial well-being delivered by their products. The accreditation is called the ‘Fairbanking Mark’ and is granted in three, four or five star versions based on Fairbanking’s assessment of the level of the financial well-being the product delivers.
FairBanking Marks will not be commonplace, reflecting the stringent criteria and process used in the assessment.
In addition to reviewing the financial well-being characteristics and features of the product, the process of assessment involves independent research carried out with a representative number of customers holding that product. This research is carried out to test the extent to which the theoretical benefits to financial well-being are delivered in practice.
Fairbanking’s assessment also reviews the provider’s complaints procedures and experience for the product in question.
Finally, The Fairbanking Mark Accreditation Panel reviews the assessments that have been carried out and takes a look at wider factors, including the rates charged/offered by the product, before advising whether the Mark should be granted.
This quality mark programme is an important step in helping customers to identify products that have been rigorously tested for the financial well-being they can deliver. Crucially, it will also provide a powerful incentive for banks to compete through continual improvement of their products in ways that will truly benefit their customers.
Four products accredited so far
To date, the four products listed below have each been granted a Fairbanking Mark – all at the three star level. Two of these are in the ‘Current Account with no overdraft’ category and two are in the ‘Savings Account’ category.
To see what features helped each product to gain its accreditation, please click on the relevant brand logo:
Current accounts without overdraft:
Savings accounts:
Any product provider interested in putting one or more of their products up for accreditation should contact Fairbanking: info@fairbanking.org.uk
