LONDON–Four more U.K. credit unions have been awarded the Five Star Fairbanking Mark from the Fairbanking Foundation.
Hull & East Yorkshire CU obtained the mark for its Credit Union Loan; Just One Credit Union for its Community Loan and Member Loan; London Mutual Credit Union for its Plus Loan and CUOK payday loan, and Plane Saver Credit Union for its Personal Loan.
The certification is granted in three, four or five star versions after the foundation assesses the level of the financial well-being a product delivers, the organization said.
“As part of the process, the foundation carries out research with a representative number of customers who use the product,” the Fairbanking Foundation said. “Key factors include whether customers are able to better manage their money or achieve their saving goals. The provider’s complaints procedure and experience for the product in question are also taken into account.”
“We have now worked with 11 credit unions to ensure their personal loan products are ready to be granted Fairbanking Marks,” Fairbanking Foundation CEO Antony Elliott told the Association of British Credit Unions (ABCUL). “The evidence shows that credit unions are playing an increasingly important role in people’s financial lives in the U.K.”