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Cardiff & Vale Credit Union Leads the Way in Wales with Fairbanking

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Cardiff & Vale Credit Union has become the first Welsh-based financial services provider to be awarded 5-star accreditation by the Fairbanking Foundation for its personal loans.

At a ceremony held at the House of Commons, the credit union achieved the highest possible 5 star Fairbanking Mark.

The Fairbanking Mark encourages banks to improve the financial well-being of their customers. The accreditation process includes an independent review of products and procedures, and independent research with the finance provider’s customers.

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 collected the award on behalf of the credit union at a ceremony that coincided with International Credit Union Day in October.

She said: 

“We are delighted to have been awarded the highest 5-star accreditation status, which reflects our commitment 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 the Hayes in early 2020, and improved digital access to services.