28 May 2017 : 
Home / News / Fairbanking initiative could improve bank accounts

Fairbanking initiative could improve bank accounts

17 June 2011 14:23:01

Fairbanking Marks could help to improve bank accounts. image
Fairbanking Marks could help to improve bank accounts.
A new initiative called the Fairbanking Foundation could help to improve the banking experience for customers across the UK. The research-based charity assesses financial products, including bank accounts, and awards 'Fairbanking Marks' to those that help customers to achieve their financial goals. Four products, including two current accounts, have just been awarded the first of the new Fairbanking Marks, and the organisation hopes that other providers will now be encouraged to improve their own products.

What is the Fairbanking Foundation?
The Fairbanking Foundation is a not-for-profit group that was set up to encourage companies offering bank accounts and other financial products to improve the financial wellbeing of their customers. Providers can submit their products for assessment by the organisation's researchers, who then decide whether they are worthy of Fairbanking Mark accreditation.

What do Fairbanking Marks mean?
Unlike comparison sites such as CompareandSave.com, which focus on the features and costs of products such as bank accounts, the Fairbanking Foundation is solely interested in the extent to which a product helps customers to control their money and achieve their financial goals. Products may be granted three, four or five stars, depending on just how much they are capable of contributing to individual customers' financial wellbeing.

How could customers benefit from the scheme?
The Fairbanking initiative will give consumers another way to compare bank accounts, in addition to visiting a regular price comparison site. It will highlight aspects of accounts that help people to keep track of their spending, or that give particular help with budgeting.

Fairbanking also believes that by enabling bank account providers to compete on an entirely new basis, it will encourage companies to introduce more products that help customers in this way. Antony Elliott, the foundation's director, explained: "Like standards for car safety, Fairbanking Marks will serve to provide clarity as to which products are the most helpful and over time will drive up standards as these measures become an increasingly significant part of competition."

Mr Elliott claimed that many companies have yet to recognise the importance of improving their product offerings, but described the allocation of the first Fairbanking Marks as a "major milestone in our efforts to encourage banking firms to improve the financial wellbeing of their customers through offering products better designed to do so". He added: "We are excited about the extent to which the Fairbanking Marks programme is already encouraging the industry to move in a much more customer-oriented direction."

Widespread approval for new scheme
The concept of Fairbanking Marks and the work being performed by the organisation have been welcomed by government ministers and consumer groups alike. Mark Hoban, financial secretary to the Treasury, said that he was "pleased to see voluntary initiatives ... developing to promote financial wellbeing", while Adam Phillips, chairman of the Financial Services Consumer Panel, said the group was "very interested" in the foundation's capacity to improve the industry." ADNFCR-2196-ID-800581740-ADNFCR ADNFCR-2196-ID-19464191-ADNFCR

Compare Bank accounts

Bookmark and Share


All news articles

Other Bank accounts News

All Bank accounts News

Other Home Page News

All News Stories
Product Offers
Please ensure that you fully read the terms & conditions of any product or policy before you decide to proceed and are fully aware of the total costs and the benefits and any exclusions or limitations applicable to the product or plan.

Please note that the product links will take you direct to the Issuer or Insurer's site direct and we cannot be held responsible for the information which they provide within their own sites. On some comparison tables we use a star rating which rates products by visitor popularity.
Follow Us: facebook twitter Google+

©2017 compareandsave.com is a trading name of Freedom Marketing Ltd.
Freedom Marketing Ltd is a credit broker, not a lender and is authorised and regulated by the Financial Conduct Authority, firm reference number 493117. This can be checked at http://www.fca.org.uk/register. Registered in England & Wales under registration number 05349340. The company's registered office is Freedom Marketing Limited, Colchester Centre, Hawkins Road, Colchester, Essex, United Kingdom, CO2 8JX.

The offers that appear on this site are from companies from which compareandsave.com receives compensation.

The Financial Ombudsman Service (FOS) is an agency for arbitrating unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk.