Cardiff & Vale Credit Union achieves 5-star Fairbanking Award
Cardiff & Vale Credit Union celebrated International Credit Union Day by becoming the first Wales-based financial services provider to be awarded 5-star accreditation by the Fairbanking Foundation for its personal loans.
At the awards ceremony held at the House of Commons this week, the credit union celebrated with 30 other organisations across Britain who have been awarded accreditation.
The Fairbanking Mark encourages banking providers to improve the financial well-being of their customers, and the accreditation process includes an independent review of products and procedures, and research conducted independently by IPSOS Mori with customers who have used their services.
With more than 10,000 adult members and junior savers, Cardiff & Vale Credit Union works with 40 employers to allow their employees to save and access affordable finance directly from their salary as a perk of their employment.
Chief Executive Leanne Herberg who collected the award on behalf of the credit union said: “We are delighted to have been awarded the highest 5-star accreditation status, which reflects our firm committed to provide a fair service in the best interest of our members.
“We hope that the accreditation will help to further advance our ambitions for more local people to use us for ethical personal loans, and also for more employers to partner with us, encouraging financial wellbeing in the workplace. To have won the award as we approach our silver anniversary and celebrate International Credit Union Day is an added bonus.”
The accreditation comes as part of a wider strategy to grow the credit union’s profile in the capital, which will include the opening of a city centre branch in early 2020, and improved digital access to services.