Three credit unions awarded consecutive 5-Star Fairbanking Marks
18 Apr 19
Three more credit unions achieve consecutive Fairbanking Foundation, 5-Star Fairbanking Marks for their personal loan products.
Announcing the news last week, David Coe, Chief Executive of the Fairbanking Foundation, said: “Many congratulations to NHS Credit Union, 1st Class Credit Union and Hoot Credit Union who have all been granted 5 Star Fairbanking Marks for their personal loan products.
“It’s great to see credit unions supporting their members and promoting financial wellbeing with fair financial products. Our latest round of applications means nearly 10% of credit unions have applied for the Fairbanking Mark underlining credit unions’ ever growing role in providing financially inclusive 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 Mark, 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 achieve their savings goals.
Andy Wright, Chief Executive of 1st Class Credit Union said: “We’re delighted to have been awarded the 5-Star Fairbanking Mark. 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.”
Hoot Credit Union has now achieved its fourth consecutive award, Chief Executive David Batten says: “Hoot is pleased to have received recognition from the Fairbanking Foundation for the fourth year that our personal loan products can improve our members’ financial health.”
Ruth Dorman, Chief Executive of NHS Credit Union said: “On behalf of the NHS Credit Union, I am delighted that we have retained a consecutive 5-Star Mark for our loan products. As a credit union, we’re here to provide the best service to our members and the commitment of our staff to provide this is the very fabric of our business model is built on.”
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.
17 credit unions have now been awarded 5-Star Fairbanking Marks for their product, and more are encouraged to apply here.