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Accredited Ethical Banking: Case Study

Fairbanking Foundation

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Tuesday 25 Aug 2020

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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

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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

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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 david.coe@fairbanking.org.uk

Matt Gantley, CEO matt.gantley@ukas.com

Hugh Taylor, External Affairs Director hugh.taylor@ukas.com

Matt GantleyCEO, UKAS

David Coe

CEO, Fairbanking Foundation

Cary RandallAssessment Manager, UKAS

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