Banks to get accredited for compliance standards

17 June 2011 at 14:32

Banks to get accredited for compliance standards  Banks in the UK will now be able to claim accreditation from the new Fairbanking Foundation for demonstrating good consumer practices.

The charity has awarded four institutions its Fairbanking Mark, acknowledging the best consumer services.

NatWest and Saffron Building Society were recognised for their savings accounts, while Secure Trust Bank and thinkbanking's current accounts without overdrafts were also honoured.

Fairbanking is hoping that the award will give consumers guidance on the best banks and encourage firms to compete with each other on standards.

Antony Elliot, director of the Fairbanking Foundation, believes that the award is already having a positive effect on the banking industry.

He said: "[Banks] want to score better in Fairbanking's assessments and in doing so they know they will be helping their customers in a bigger way.

"An increasing number have [seen the light] and these enlightened organisations are talking to us already about plans to improve their product offerings."ADNFCR-3006-ID-800583074-ADNFCR


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