I'm calling on financial organisations to sign up for the FairLife Mark, to protect the public by raising standards in the finance industry.
Similar in concept to the Fair Trade Mark, the FairLife Mark is awarded to products that are fairly traded and honestly priced, with the charity behind the mark also working to give people the knowledge they need to make good financial decisions and create a finance industry that can be trusted. Some of the products that can be awarded the mark if they meet the charity’s criteria will include mortgages, loans, savings, debt advice, and investment funds.
The FairLife Charity is fully independent and any profit made is being gifted to charity by passing ownership to other leading charities and not-for-profits. Current owners include The National Union of Students and AdviceUK. Money raised by licencing the FairLife Mark is being used to teach financial education in the country's schools and to promote good personal finance from school to retirement.
Numerous organisations have already signed up, with credit unions, banks and businesses showing their support of the FairLife Mark to push towards a fairer financial industry that protects consumers.
In Parliament I’ve recently raised cases of constituents who have lost their life’s savings to dodgy investment companies and called on the UK Government to improve financial regulation.
Consumers deserve better, fairer financial services that they can trust, and the FairLife Mark is another way of achieving this. Individual companies can and should ensure that they are trading fairly, pricing honestly, and avoiding sneaky hidden fees and penalty charges.
My hope is that the FairLife Mark will become commonplace in our financial services, so people can be confident that their finances are safe. Anyone interested in finding out more can visit the FairLife website.