Working to improve the financial well-being delivered by banking products
The Fairbanking Foundation is a not-for-profit, research-based charity created to encourage and assist providers of banking products to improve the financial well-being of their customers.
Banks and Building Societies are increasingly seen as having a duty to act in the common good of the country. As water companies are obliged to supply water that is good for their customers, so bank products should be good for theirs. The fundamental nature of this duty has been made clear by the recent banking crisis and the bail-out of some of the UK’s biggest banks.
Fairbanking’s last two reports identified the drivers to financial well-being and assessed all UK current accounts, credit cards and savings accounts to measure the financial well-being they deliver. This analysis has just been updated via an extensive and thorough survey of banking products in the UK. The results of this were published in the spring of 2011 in a report entitled ‘Fairbanking ratings: Is UK retail banking showing signs of reform?’.
In parallel, the Foundation is launching the ‘Fairbanking Mark’ accreditation scheme.
This quality mark programme is an important step in helping consumers to identify products that have been rigorously tested for the financial well-being they can deliver. Crucially, it provides a powerful incentive for banks to compete through continual improvement of their products in ways which will truly benefit their customers.
What is the Fairbanking Foundation trying to achieve? ...watch here.
What does it take for product to earn Fairbanking Mark?...watch here.