View more on these topics

Fairbanking mark in bid to restore trust

Research company Ipsos Mori has linked up with with not-for-profit company Fairbanking Foundation to launch a financial services quality standard in a bid to to re-establish trust in banks and other financial services firms.

The fairbanking mark, similar to the Fairtrade standard on food, launched this week alongside an award ceremony for firms that offer retail banking products which deliver customer benefits.

The fairbanking mark awards three, four or five stars for products that deliver “financial wellbeing”.

Royal Bank of Scotland and Natwest, Saffron Building Society, Secure Trust Bank and Think Banking are the first institutions to be awarded the fairbanking mark, with all receiving three stars this week.

RBS has received the mark for its online savings tool, Saffron Building Society for its online savings account and Secure Trust Bank and Think Banking for current accounts.

Ipsos Mori head of financial services Charles Adriaenssens says: “Trust in banks and financial services is at an all-time low, driven by a combination of negative news stories and the banks’ behaviour towards their customers. The fairbanking mark has the potential to re-establish consumer confidence in retail banking.

“Credible marks have been found to be independent, transparent and clearly communicated and, provided Fairbanking follows suit, this could have a positive impact on consumer behaviour in the financial service market.”

But Chadney Bulgin IFAs mortgage partner Jonathan Clark says: “I am not sure industry awards carry any weight with the public. Consumers will pay far more attention to this week’s Panorama investigation of high-street bank staff, which will do far more damage than the good these awards will do.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm