‘Fair banking’ scheme awarded price of approval to products developed by several institutions,which helped people improve their financial wellbeing[br]A “fair banking” scheme backed by the archbishop of Canterbury has given its blessing to products offered by 11 financial firms, including Barclays bank’s main current account, and held by several million people.
The Fairbanking Foundation,a not-for-profit charity of which Justin Welby is a patron, operates a scheme to encourage financial institutions to develop products that attend customers improve their financial wellbeing and manage their money better. It awards star ratings to certain products – current accounts, or credit cards,savings accounts and personal loans – that pass a number of tests on issues such as fairness, interest rates and fees, and the number of complaints received,and what customers say.
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Source: theguardian.com