Clockwise Credit Union and Transave Credit Union have received the 5-star Fairbanking Mark for their loan products.
This means 17 credit unions across Britain have received the mark from the Fairbanking Foundation, which was established in 2008 to encourage and assist the development of banking products that improve the financial wellbeing of their users by enabling them to manage their money better.
Clockwise’s general manager, Teresa Manning, said: “We are absolutely delighted. We are proud to be part of the credit union community and fostering the credit union ethos. We passionately believe in putting our members’ needs at the heart of all we do.
“This award reflects our commitment to leading the way in improving the financial wellbeing of our community and its people with a quality loan product appropriate to their needs, and providing first class customer service.”
Rachael Hardman-Jones, chief executive of Transave, said: “Everyone at Transave Credit Union is overjoyed. Obviously, this achievement reflects very well on those connected with the credit union, their hard work and dedication. But even more importantly, it is recognition that the financial wellbeing of its members is hardwired into Transave’s DNA.”
Aidene Walsh, chief executive of the Fairbanking Foundation, said: “We’re delighted to recognise the effectiveness of the personal loans of Clockwise and Transave Credit Unions.
“We have now assessed the personal loan products of 17 credit unions and evidence shows that credit unions are playing an increasingly important role in people’s financial lives in the UK. Fairbanking looks forward to certifying more credit unions across all products in 2018.”