The Building Societies Association (BSA) has been awarded the FairLife Mark by the FairLife Charity, becoming the first financial trade body to support fair trading in finance.
This recognition highlights the BSA’s commitment to upholding fair standards and its efforts to support members during challenging times, including the pandemic and the cost-of-living crisis.
The award comes as the financial industry adapts to the new regulatory framework introduced under Consumer Duty, which encourages financial institutions to demonstrate their commitment to customer care. The BSA’s endorsement of the FairLife Mark aligns with its identity as a member-owned body that prioritises treating customers fairly.
Robin Fieth, CEO of the Building Societies Association, expressed his enthusiasm for the recognition: “Building societies are member-owned and treating customers fairly is a huge part of our identity.
“We are delighted to support the FairLife Mark, demonstrating to customers our purpose-led values and the many benefits of choosing products from a mutual provider.
“We look forward to more of those within our Association supporting the FairLife Mark, boosting loyalty and confidence amongst their members whilst also helping them to attract new customers.
“Displaying a fair trading mark that raises standards for the public and helps future generations of children to learn financial education is a great way for our member firms to demonstrate their customer-first ethos.”
Stuart Phillips, co-founder of The Fairlife Charity, commented on the partnership: “We are delighted to award The FairLife Mark to the BSA, which is dedicated to helping members deliver good customer outcomes.
“The BSA provided invaluable input as we grew the reputation of the mark across the financial services industry, and our shared ethos has led to the FairLife Mark establishing firm foundations in the mutual sector.
“We look forward to working with an increasing number of societies to highlight their customer-focused products.”
The FairLife Charity, founded on the principle that strong finance can be a positive force for the UK economy, focuses on improving financial products and educating the public about responsible financial management to enhance people’s life chances.
