Fairer Finance
| Private | |
| ISIN | 🆔 |
| Industry | Financial Services |
| Founded 📆 | 2014 |
| Founder 👔 | James Daley |
| Headquarters 🏙️ | , , |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | www.fairerfinance.com |
| 📇 Address | |
| 📞 telephone | |
Fairer Finance is an independent research and ratings agency, consultancy business and consumer group based in London. Founded in 2014, its focus is on creating a fairer financial services market. It aims to encourage consumers to make more informed decisions, and financial services companies to compete on more than just price.[1]
Fairer Finance rates financial service providers on both customer experience and the quality of the products they offer. They also work with businesses to help them communicate with their customers more clearly, as well as publishing research relevant to the financial services industry.
Ratings and research[edit]
Customer Experience Ratings
Customer Experience Ratings rank businesses on the service they provide to customers - based on customer polling, complaints performance at the Financial Ombudsman Service and Fairer Finance’s unique transparency analysis. The ratings are updated twice a year, with the best performing providers being awarded gold, silver and bronze ribbons.[2][3][4][5][6][7][8]
Product Ratings
Product Ratings award financial products a star rating based on their quality and comprehensiveness. Fairer Finance rates a range of products including car insurance, home insurance and prepaid funeral plans.
Star ratings are determined by assessing the product against certain ‘red line requirements’ that are set by Fairer Finance. In order to achieve five stars a product must pass every red line. Lower star ratings are determined by how close the product comes to meeting the red lines.[9][10][11][12][13][14][15][16][17][18]
Research Reports
Fairer Finance conducts research and publishes reports on a number of important issues within the financial services industry. A series of research reports regarding the pre-paid funeral market alerted the Government to a lack of regulation within the industry, and resulted in HM Treasury exploring the possibility of bringing the sector into the scope of FCA regulation.[19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34][35][36][37][38][39][40][41][42]
Consultancy[edit]
Fairer Finance also works with businesses to help them communicate more clearly with their customers. They do this by performing audits on customer touchpoints and rewriting documents to make them easier for consumers to understand. Businesses Fairer Finance has worked with include Goldman Sachs, Lloyds Bank, Royal London, Nationwide, TSB and Co-op Funeralcare.[43]
Clear & Simple Mark
Fairer Finance awards its Clear & Simple Mark to documents that achieve outstanding clarity and transparency within the financial services industry. As of November 2018, it has been awarded to nine documents from eight providers. Bought By Many,[44] Back Me Up,[45] Coventry Building Society,[46] TSB,[47] Co-op Funeralcare,[48] Monzo,[49] Royal London,[50] and Goldman Sachs.[51][52]
References[edit]
- ↑ "Revealed: who you can trust ... The big firms that treat you fairly - and ones you may want to avoid". 2014-03-15.
- ↑ "Coventry Building Society - Fairer Finance".
- ↑ "Ecclesiastical".
- ↑ "Ecclesiastical - Fairer Finance".
- ↑ Bacani, Louie. "Most trusted home insurer revealed". Insurance Business.
- ↑ "Proof banks can succeed on the high street". This is Money.
- ↑ "JEFF PRESTRIDGE: Switch banks - but for the right reasons". This is Money.
- ↑ "Fairer Finance appoints Collett to lead complaints services | COVER". http://www.covermagazine.co.uk. External link in
|website=(help) - ↑ "Yorkshire Bank over 50s life cover".
- ↑ "Royal London over 50s life cover".
- ↑ "Co-op funeral plans".
- ↑ "Four apps to help kids learn about money - MoneyWeek". MoneyWeek. 23 February 2018.
- ↑ "Forget glamour ...and invest for the long term, says Jeff Prestridge". Mail Online.
- ↑ "New insurance product rating service to take on Defaqto". Insurance Times.
- ↑ "'Service still sucks at least some firms are trying'". Mail Online.
- ↑ "Consumer product rating system aims to stop insurers 'gaming the system' - Insurance Post". Insurance Post. 19 June 2017.
- ↑ "Beware cold callers offering to switch your life insurance". This is Money.
- ↑ "JEFF PRESTRIDGE says Lloyds has great adverts..." This is Money.
- ↑ Milligan, Brian (2017-07-07). "Thousands may be let down by funeral plans, report warns". BBC News.
- ↑ "Tougher regulation for funeral plan providers".
- ↑ "Pre-paid funeral plans: call for evidence".
- ↑ Magazine, Cover. "Royal London launches FSCS classified funeral plan | COVER". http://www.covermagazine.co.uk. External link in
|website=(help) - ↑ "Insurers and undertakers profit as people prepay their last bill". The Economist.
- ↑ (DLG), Data Locator Group Ltd. "Questions you need to ask before buying a funeral plan". funeralplanningexperts.com.
- ↑ Lacey, Rachel (5 February 2018). "Over 50s plans failing to cover funeral costs". Moneywise.
- ↑ Whateley, Laura (2018). "'Funeral plan didn't cover the costs'".
- ↑ "Funeral price war takes its toll on Dignity's financial health". Sky News.
- ↑ "The end of card payment charges". Good Housekeeping. 12 January 2018.
- ↑ Ralph, Alex (2018). "Dignity ready to put funeral costs online after pricing row". The Times.
- ↑ "Prepaid funeral plans: what you need to know before you buy". www.lovemoney.com.
- ↑ "'Rip-off' surcharges for paying by credit card will be banned by January". HeraldScotland.
- ↑ "The end of credit and debit card surcharges". BBC News.
- ↑ "Are you at risk from funeral plan rip offs? - AOL". www.aol.co.uk.
- ↑ "In the news – this week's top money stories". Your Money Advice.
- ↑ "Funeral plans sector must be controlled says Jeff Prestridge". This is Money.
- ↑ "Opinion: 7 money rip-offs that need to end". www.lovemoney.com.
- ↑ Murray, Amelia (15 December 2016). "Monarch drops credit card fees - but which airlines are still charging you extra?". The Telegraph.
- ↑ "Are councils ripping off card users?". Mail Online.
- ↑ "UK Airlines Charge For Using A Credit Card | PYMNTS.com". www.pymnts.com.
- ↑ "Airlines 'harvest millions' in rip-off credit card fees". Mail Online.
- ↑ "Small print 'longer than a novel'". BBC News. 22 April 2014.
- ↑ Association, Press (22 April 2014). "Car insurer small print can be longer than Animal Farm, study shows". the Guardian.
- ↑ "Fairer Finance: who we've worked with". 2018-11-13.
- ↑ "Bought By Many".
- ↑ "Fairer Finance - Back Me Up Case Study". 2018-11-13.
- ↑ "Coventry Building Society - General Investment Terms & Conditions" (PDF).
- ↑ "TSB Personal Banking Terms & Conditions" (PDF).
- ↑ "Co-op Funeralcare Terms & Conditions" (PDF).
- ↑ "Monzo - Fairer Finance".
- ↑ "Royal London Life Insurance Terms & Conditions" (PDF).
- ↑ "Marcus by Golman Sachs Terms & Conditions" (PDF).
- ↑ Gangcuangco, Terry. "Revealed: The UK's top home insurer is..." Insurance Business.
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