RateSetter loans – a mark above the rest
By Scott Murphy | Tue 20 Jan 15
By Scott Murphy | Tue 20 Jan 15
The charitable Foundation awarded one of their first Marks to RateSetter in recognition of our loans products that "act in the best interests of the public". The Foundation, which launched last week, aims to drive up the standard of everyday financial products and promote a strong public savings culture.
The Personal Loan Mark, which is one of two award categories, has been set up to encourage finance providers to offer services that benefit their customers through a set of fair criteria, including an interest rate cap and the promotion of a competitive market. One other peer-to-peer lender and three credit unions were recipients of a FairLife Mark
The excellence Mark, which will only be shown on very select products, will make it easier for consumers to find businesses that truly care about the wellbeing of their customers.
Dr Paul Boscott, Director of the FairLife Foundation explained:
"We need to improve standards in the finance industry and to ensure that everyone in Britain benefits. There is no better way to rebuild peoples' trust in financial services than by having a unifying mark that consumers recognise. The FairLife Foundation aims to strengthen the confidence and trust of consumers by setting minimum standards of best practice and highlighting organisations that improve peoples' lives financially."
The Foundation, which has taken over two years to launch, is being gifted to the nation to work on behalf of the British public. It is led by a wide group of experts, including representatives of the main political parties, the finance industry, trade unions and the charity sector.
Steve Baker MP who is a trustee of FairLife and MP for Wycombe said:
"The UK's financial industry badly needs to rebuild trust with consumers. The FairLife Mark is an important step in driving standards higher and recognising those businesses that go the extra mile in the interest of fairness. Consumers need to be confident that the financial products and services they use will work for them."
Rhydian Lewis, CEO of RateSetter added:
"When we set up RateSetter it was all about making finance fair and redrawing the balance of power that has for so long been weighted against the consumer. As such, being awarded a FairLife Mark of excellence is a great recognition. I challenge other financial providers to review their products against the FairLife criteria and re-establish trust in finance."
It is hoped that as awareness spreads FairLife will drive an ethical revolution within the finance industry that benefits all consumers.
You can read more about FairLife by clicking here.
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