Fairbanking Mark for 3 more credit unions
10 May 16
Three more credit unions have been awarded the Fairbanking Mark for their loan products.
The Fairbanking Foundation – the leading certification scheme for financial institutions in the UK –officially awarded a five star rating to the personal loan products of Hoot Credit Union, 1st Class Credit Union and NHS Credit Union. All three have been awarded the Fairbanking Mark in the highest possible category for their personal loans because they have a tangible positive impact on consumers’ financial wellbeing.
This is the first time that the Fairbanking Mark has been awarded to credit unions that were founded to serve employees of a specific sector. NHS Credit Union has over 13,000 members across the National Health Service, and 1st Class Credit Union serves almost 9,000 members working for Royal Mail and other communications businesses including BT, O2 and Virgin Media.
The 5-star Fairbanking Mark for three personal loan products from Hoot Credit Union – which serves people who live or work in Bolton and the surrounding area – includes the Handy Loan. The Fairbanking Foundation’s research shows that Hoot’s Handy Loan is designed to enable recipients to save a certain amount while repaying the loan, which helps to positively develop saving habits.
NHS Credit Union Chief Executive Robert Kelly said: “On behalf of the NHS Credit Union family, I am absolutely thrilled that we have been granted a 5-star award for our main personal loan product by The Fairbanking Foundation. Our commitment to serving members with high quality products and services built on an ethical value base and member-centric ethos is the very fabric of our business model and this recognition is testimony to that approach in action.”
1st Class Credit Union Manager Andy Wright said: “1st Class Credit Union are delighted to have been awarded the 5-Star Fair banking award for our personal loan products. The staff and directors of 1st Class Credit Union are fully focussed on our members needs and this is reflected in the products we offer. We will also use the feedback to improve on our services bringing further transparency and financial wellbeing for our members.”
Chair of Hoot Credit Union Steve Bottrill said: “We are delighted to receive this accolade. This quality mark is an important step in helping members to identify that our loans have been rigorously tested for the financial wellbeing they can deliver.”
Central Liverpool Credit Union, Enterprise Credit Union, 1st Alliance (Ayrshire) Credit Union and London Capital Credit Union last year became the first credit unions to achieve the Fairbanking Mark, also receiving the highest possible award for their loan products.
Chief Executive of the Fairbanking Foundation Antony Elliott said: “The evidence shows that credit unions are playing an increasingly important role in people’s financial lives in the UK. We have now worked with 7 credit unions to ensure their personal loan products are ready to be granted Fairbanking Marks. The award for the Handy Loan product of Hoot CU is a reassuring sign that there are personal loans serving the financial wellbeing of customers with poor credit ratings for whom many less reputable alternatives exist.”
“We hope that today’s awards will act as a catalyst for more credit unions to apply for the Fairbanking Mark to demonstrate the fair and transparent service they are offering to the communities they serve.”
More information about applying for the Fairbanking Mark is available here.