Debt Recovery
The FairLife Mark champions fair providers of financial products and services.
The FairLife Pledge​
The mark represents a pledge to promote good customer outcomes by pricing honestly and trading fairly:
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The provider must follow the spirit as well as the letter of any agreed regulator’s rules and principles with an emphasis on treating customers fairly.
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The provider must adhere to agreed sources of profit as detailed in the PANA criteria. Any extra fees or charges must be designed only to cover additional costs and not to generate additional profits.
Criteria For Debt Recovery
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PANA criteria to display the FairLife Mark
PANA stands for Peer Agreed and Nationally Approved meaning that the criteria have been agreed by a peer group of providers and approved by the FairLife Charity. The resulting standards combine fairness to the public with business practicality. PANA criteria evidence that FairLife-marked products and services meet the FairLife Pledge.
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The FairLife Mark helps good firms to treat customers fairly, highlighting this robustly to new and current customers alike. The criteria span 4 categories:
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Product features
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Price and value
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Customer understanding
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Customer support
The FairLife Mark for debt recovery is an important part of the charity’s umbrella of trust. Creditors holding FairLife debt are encouraged to use FairLife debt recovery, which treats all customers fairly – not just those holding regulated debt.
For a summary of the mark’s criteria, and those of other products, please contact Stuart or Paul at admin@fairlifecharity.org
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