The Fairbanking Mark was the only financial certification scheme in the UK granted accreditation by the UK Accreditation Service (UKAS).
We worked with institutions to evaluate their products against features that are known to improve customers financial well-being. A key part of the certification journey included independent customer research to ensure their customers recognised the improvement their product features had made to their financial health.
What was involved in getting a Fairbanking Mark
Fairbanking Marks ranged from three to five stars depending on the number of features and we offered Marks on nine products, all of which you can download below to start your journey.
To evaluate if a product would be granted a Fairbanking Mark we followed this process:
Product rating
The methodology to analyse product features was developed into product specifications that are available below. The products were benchmarked against identified drivers of financial well-being and money management practices that help customers change behaviour.
Your customers' view
A survey was sent to a specified number of customers which assessed how the product was being used and its perceived impact on customer money management practices. Customers needed to have used the product for a minimum length of time to have an opinion on how the features of the product were working to help them improve their financial well-being.
Research and evaluation of the product
A qualified product assessor reviewed product descriptions, operational procedures, promotional materials and other relevant materials to understand how the product works. To ensure the product adhered to the Foundation’s principles of fairness, fairness factors such as product specific complaints and interest charges were reviewed.
Report submitted to the Assessment Panel
The Fairbanking Mark Assessment Panel was an independent body of experts that reviewed all the product assessments performed by the Fairbanking Foundation. An Assessment Report was submitted to the Panel which then decided whether to grant a Fairbanking Mark, and, if so, what star rating to award.
Fairbanking Mark granted to successful applicants
If a product met all requirements and was accepted by the Assessment Panel a Fairbanking Mark was granted for a year. The Mark licence was renewable annually and the Foundation continued to monitor that the terms of the licence were adhered to, and that the product continued to meet the requirements of the Fairbanking Mark and Star Rating awarded.
Product Categories that were eligible for Fairbanking Marks
Below are the product specifications that we used to assess whether a product could be awarded a Fairbanking Mark. Although the Fairbanking Mark accreditation scheme has now closed and these specifications are not being updated you are welcome to refer to them to help identify ways in which a particular financial product could be improved for consumers.
Download the product specification below:
