Criteria for cash savings
Core criteria of the FairLife Mark
1) The product or service must be fairly traded and honestly priced:
a. The provider must follow the spirit of the FCA’s rules and principles with an emphasis on treating customers fairly.
b. Material profit must be made only from positive aspects of the customer journey. Any extra fees or charges must be designed only to cover additional costs and not to generate material profits.
PANA criteria and clarifications
2) The customer’s capital must not at be at risk.
3) Communications and charging structures must be clear, fair and not misleading; with material benefits other than costs and charges being declared to the customer.
4) The product must not discriminate against new or existing customers, although separate incentives can be offered by the company to new or and loyal customers.
5) Where applicable non-FCA-regulated products must be treated in the same way as FCA regulated ones.
6) The product must not charge termination fees if exited normally, unless required to treat other customers fairly.
7) The product must have a fair interest rate or dividend:
a. When any offer or fixed-term period ends, the customer must be paid the best relevant instant access savings or dividend rate open to existing customers.
b. Where an account offers bonus interest or payments in exchange for customer actions, the bonus must be in excess of the best relevant instant access savings rate.
c. Where interest rates are tiered based on customer capital, the method used to calculate interest paid must seek to reflect fairly the time spent in each tier.
8) Customers’ money must be protected by the Financial Services Compensation Scheme (FSCS).
To download a summary of the mark click here
To download a licence for the mark