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Fairbanking Mark for more credit unions

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22 Jun 17

Four more credit unions have received 5-star Fairbanking Marks for their loan products.

The Fairbanking Mark is awarded by the Fairbanking Foundation following a rigorous assessment which includes independent research involving the customers or members of a financial services provider. To receive the Fairbanking Mark, this research must confirm that a significant percentage of customers using the product found it useful in helping to improve their financial wellbeing through factors like helping them to manage their money better and to achieve their savings goals.

The latest recipients of the highest possible 5-star Fairbanking Mark are Hull & East Yorkshire Credit Union for their Credit Union Loan, Just Credit Union for both their Community Loan and Member Loan, London Mutual Credit Union for both their Plus Loan and CUOK payday loan, and Plane Saver Credit Union for their Personal Loan.

Fairbanking Foundation Chief Executive Antony Elliott said: “We have now worked with 11 credit unions to ensure their personal loan products are ready to be granted Fairbanking Marks. The evidence shows that credit unions are playing an increasingly important role in people’s financial lives in the UK.”

Hull & East Yorkshire Credit Union Chief Executive John Smith said: "As a financial services provider that is owned by our member-customers, we are passionate about developing products and services that help them to manage their money effectively, treat them fairly and contribute to their financial well-being. Our members are the reason why we exist and we know they will be very proud of this recognition.”

Just Credit Union Chief Officer Karen Farrow said: “The award not only reflects Just Credit Union’s values and ethos but also the hard work of our staff and directors. The team works incredibly diligently to deliver transparency and an excellent service to our members. Improving their financial wellbeing is at the centre of all we do and we are very pleased to have that recognised.”

The 5-star award for London Mutual’s CUOK loan is the first time the Fairbanking Mark has ever been awarded to a payday loan product.

London Mutual’s Head of Lending and Recovery Matthew Sweetlove said: “The results show that our credit union is offering a real alternative to the mainstream banking providers. We feel that having an independent accreditation will help us to demonstrate the quality of our products to new and existing members.”

Plane Saver Credit Union CEO Valerie Walwyn said: “It’s a great achievement for everyone involved at Plane Saver and a reflection of the hard work we do to ensure our members are provided first class lending products, tailored to suit their needs and improve their financial wellbeing.”

The Fairbanking Foundation was established in 2008 to encourage and assist providers of banking products to improve the financial wellbeing of their customers by enabling them to manage their money better. 11 credit unions have now been awarded 5-star Fairbanking Marks for their products, and more are encouraged to apply for this recognition.

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