Fairbanking Mark Certification
The following process is followed to evaluate if a product should be granted a Fairbanking Mark:
The methodology to analyse product features has been developed into specifications that are listed on the right. Research sponsored by Fairbanking identified drivers of financial well-being and identified money management practices that helped customers change behaviour. These findings generated benchmarks against which to measure the reactions of customers to specific products and their features.
2. Customer survey
The customer survey assesses how the product is being used and its perceived impact on customer money management practices. The survey process will specify the number of customers, as well as the minimum length of time they must have used the product in order to be able to have an opinion on how the features of the product are working to help them.
3. Product Research
Product descriptions, operational procedures, promotional materials and other relevant materials are reviewed by a qualified product assessor to understand how the product works in practice. Also, fairness factors are reviewed to ensure that the product adheres to the Foundation’s principle of fairness.
These factors vary by product but will include:
• Review of product specific complaints received by the organisation
• Interest charges and fees are within acceptable bounds for the product compared to the market
• No restrictive practices such as compulsory cross-selling relating to the product.
4. Assessment Panel
The Fairbanking Mark Assessment Panel is an independent body of experts that reviews all product assessments performed by the Fairbanking Foundation. An Assessment Report is submitted to the Panel which then decides whether to grant a Fairbanking Mark, and what star rating to award.
A Fairbanking Mark licence is granted to successful applicants. This sets out in detail how the mark may be used. The Foundation carries out a programme of ongoing surveillance to ensure that the terms of the licence are adhered to, and that the product continues to meet the requirements of the Fairbanking Mark and Star Rating awarded.
Appeals and Complaints
An applicant may appeal against a decision of the Foundation regarding the granting of a Fairbanking Mark. Click here to see the Appeals and Complaints policy.
To contact us for an initial assessment of your product, or if you have any questions about product eligibility for a Fairbanking Mark, please email us here.