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FS Club
Accredited Ethical Banking: Case Study
Fairbanking Foundation
Webinar
Tuesday 25 Aug 2020
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Ian Harris
Director
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A Word From Today’s Chairman
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Agenda
11:00 – 11:05 Chairman’s Introduction
11:05 – 11:20 David Coe – Fairbanking Foundation
11:20 – 11:30 Matt Gantley - UKAS
11:30 – 11:45 Questions & Answers
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David Coe
Chief Executive Officer
The Fairbanking
Foundation
FS ClubNews Events Partnerships
Accredited Ethical Banking: Case Study
Fairbanking Foundation
Fairbanking Foundation Accreditation
DAVID COE
The Fairbanking Foundation
Charity dedicated to encouraging and helping financial providers to improve the well-being of their customers
Key service is our Certification scheme, the Fairbanking Mark, which is the only Mark recognised by the UK Accreditation Service (UKAS)
Our methodology is based on the drivers of financial wellbeing and money management practices that help customers positively change behaviour
Our Marks cover current accounts, personal loans, savings accounts, and credit cards
Products receive a Mark on a range from 3 – 5 stars based on a very robust assessment and in depth customer survey
The Charity also operates an Advisory Service (consultancy) and has produced many seminal reports over the years such as our Current Accounts Rating Report and Save as You Borrow
Fairbanking Today
31 Institutions with a Mark
20M+ Customers use a product with a Mark
44 Products with a Mark
34 Five Star Fairbanking Products
10Th Anniversary
/
How to get a Fairbanking Mark
Product Rating Customers ViewsResearch &
Evaluation of Product
Report submitted to the Assessment
Panel
Fairbanking Mark granted to
successful applicant
Overall Trends
•Less demand from large financial institutions-sense that modern digital banking offers many of the fairness components that were non-existent several years ago
•FCA requirements cover many of the Certification elements
•Much more demand from Credit Unions
FB and Credit Unions
-Credit Unions follow the same certification process as high st banks
-To date Credit Unions have gained Marks for Personal Loans: currently have 4 or 5 more going through with Savings as well as Loan products
-Since 2015 FB has certified 27 Credit Unions, which mean we have nearly 10% of Credit Unions with Fairbanking Marks
-All to date have received Five Star ratings
Assessment Process
We visit the organisationWork closely with them to ensure their products meet
the specification
Examine their systems and processes
Assess their data
Take them through an in depth customer survey delivered by Ipsos Mori to ensure that all
the features and benefits actually work in practice and
deliver
Credit Union practice of face to face meeting reduces
economic abuse etc
Areas Covered By Assessment-Loans•Ensuring the customer borrows an amount they can afford
•Easy repayment inc. early
•Tools and prompts for customer
•Change of circumstances
•Save as you borrow
•Consolidation of other loans
Benefits of Accreditation for Credit Union
Systemic improvements across product, data, and systems
through working with us
Knowledge they are ‘as good as a high street bank’
Confidence in applying for finance
Very useful for lobbying
19 19Fairbanking Foundation Report | 2017 | V1 | Internal LETE CLASSIFICATION)
Ipsos MORI – Loyalty
Hoot
21 21Fairbanking Foundation Report | 2017 | V1 | Internal LETE CLASSIFICATION)
Ipsos MORI – Loyalty
2nd Generation Tools-Tool 1
Tool 1-Areas Covered
-Do you have a financial plan?
-Save?
-Main Financial Concerns
-Job, health, relationship?
-who do you go to for advice?
-how many banks do you use?
-how you bank?
-your bank’s comms?
-charges etc?
Tool 1 ContAt the end of the questionnaire the tool provides a score and lists places you might go to for advice
The respondent will be able to share his /her results with the adviser as a basis for the advice session
Tool 2-Rating Your Bank Account
Tool 2-Rating Your Bank Account1. If your client has a bank account with a Fairbanking Mark you can skip this App
2. Otherwise your client and /or you can play at Fairbanking and rate the account based on the criteria we use to award a Mark to a current account
3. The App will tell you at the end if the current account offers a fair deal for the customer or not
4. Results can again be shared with an adviser
Tool 2-Rating Your Bank Account
-banking habits: on line branch etc
-Functionality, support
-Interest rates?
-Complaints?
-Alerts?
-Tools: budgeting, blocking types of payment
-overall assessment
Tool 3-Setting Goals
Tool 3-Goal Setting-Respondent selects are they want to set a goal for: current, savings account, personal loan, or credit cards
-questionnaire asks what your goal is: eg find a loan, change lender
-timescale
-your plan to achieve this
-reminders at the end of the timeframe
results can be shared with an adviser
Summary-Tools Derived From Accreditation
1. A set of tools for use by consumer advisers
2. Tool 1 to set the scene and provide a basis for
discussion
3. Tool 2 to provide feedback on a client’s bank account if that’s
identified as a problem area
4. Tool 3 to provide goal setting, a plan, and a
reminder to the client at the end of the timeframe
they’ve selected
Future Plans•Major Conference /Consultation Exercise with Credit Unions this Autumn
•Looking at Corporate Certification for Credit Unions
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Matt Gantley
Chief Executive
UKAS
FS ClubNews Events Partnerships
Accredited Ethical Banking: Case Study
Fairbanking Foundation
United Kingdom
Accreditation ServiceThe National Accreditation Body of the United Kingdom
Matt Gantley, UKAS CEO
www.ukas.com
CONFIDENCE IN EVERYDAY LIFE:
Source: Accreditation: Delivering Confidence in Everyday Lifehttps://www.youtube.com/watch?v=BNsTuFKW3iM
• Accreditation is the formal recognition of the
competence of a conformity assessment
body to perform specific conformity
assessment tasks
• Conformity assessment covers:
• Testing - e.g. Covid-19 antigen tests
• Inspection - e.g. passenger lifts
• Certification – e.g. ISO 9001 certificates
• Verification and validation - e.g. EU
emissions trading scheme (greenhouse
gas reports verification)
UKAS: WHAT IS ACCREDITATION?
Conformity Assessment Body activities:
• Laboratories - Testing and Medical examinations (ISO/IEC
17025, ISO 15189)
• Laboratories – Calibration (ISO/IEC 17025)
• Certification Bodies – Product/Service certification (ISO/IEC 17065)
• Certification Bodies - Certification of persons (ISO/IEC 17024)
• Certification Bodies - Management systems certification (ISO/IEC 17021)
• Inspection (ISO/IEC 17020)
• Validation and Verification (ISO 14029)
• Proficiency Testing Providers (ISO/IEC 17043)
• Reference Material Producers (ISO 17034)
• Accreditation is an international network to ensure equivalence
and acceptance of results - removal of technical barriers to
trade
• Multilateral agreements established between economies to
recognise results - ‘Tested, inspected, certified once, accepted
everywhere’.
• Signatories must be declared competent to ISO 17011
• UKAS is the United Kingdom member of:
International Laboratory Accreditation Cooperation
International Accreditation Forum
UKAS: INTERNATIONAL FRAMEWORK
European co-operation for Accreditation
UKAS: EVIDENCE CASE
WHY DOES ACCREDITATION MATTER?
Source : https://www.theguardian.com/world/2020/may/07/all-400000-gowns-flown-from-turkey-for-nhs-fail-uk-standards
UKAS: SUPPORTING GOVERNMENT
UKAS: SUPPORTING GOVERNMENT
• Founded in 1966, consolidated as UKAS in 1995
• Not for Profit and non-profit distributing organisation
• Appointed as National Accreditation Body by Accreditation Regs 2009
• 265 full time staff
• 190 permanent Assessment Managers
• 700 External Technical Assessors
• Accreditations: 3,221
• 33,000 assessment days
UKAS: BACKGROUND
Examples of Accredited Bodies:
• Intertek
• SGS
• Bureau Veritas
• Lloyd's Register
• Element
• BSI
• Eurofins
• ALS
• SOCOTEC
• Trescal
• TUV
• DNV GL
Pathology and Medical Laboratories
Testing and Calibration Laboratories
Certification Bodies
Inspection Bodies
0 200 400 600 800 1000 1200 1400 1600 1800
Government
Customers
Business
Professional and other Interests
UKAS operates under Memorandum of Understanding with
Department for Business, Energy and Industrial Strategy (BEIS)
UKAS established as a self-funding private company limited by guarantee (non-profit distributing)
UKAS: GOVERNANCE
• Fairbanking Foundation – the Fairbanking Mark
• Gambling Commission: accuracy of gambling machines
• ISO 37001 Anti-Bribery Management System certification
• ISO 22222 Ethical behaviour and competence of personal financial planners
• Green Finance Strategy/ Sustainable Finance
• PAS 7340 Framework for embedding the principles of sustainable finance in financial services organisations
• PAS 7341 Responsible and sustainable investment management: Specification
• ISO 32210 Framework for Sustainable Finance – Principles and Guidance
• ISO 14030-1 Green Debt Instruments Pt1 Process for green bonds
• ISO 14030-2 Green Debt Instruments Pt2 Process for green loans
• ISO 14030-3 Green Debt Instruments Pt3 Taxonomy
• ISO 14030-4 Green Debt Instruments Pt4 Verification
• ISO 14097 Framework including principles and requirements for assessing and reporting investments
and financing activities regarding climate change
UKAS: FINANCIAL SERVICES
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QUESTIONS, COMMENTS & ANSWERS?
Contact The Fairbanking Foundation & UKAS:
David Coe, CEO [email protected]
Matt Gantley, CEO [email protected]
Hugh Taylor, External Affairs Director [email protected]
Matt GantleyCEO, UKAS
David Coe
CEO, Fairbanking Foundation
Cary RandallAssessment Manager, UKAS
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