What is the FairLife Charity - DRAFT
A fair trading initiative for all areas of finance
A route to companies that price honestly and trade fairly with their customers
Saving you money, time and stress
Making society fairer and people's lives happier
There are three types of FairLife Mark:
Product and Service Marks: ensure that what you buy is honestly priced and fairly traded
Commitment Marks: highlight firms that support their employees and customers
Education and Guidance Marks: teach financial education from school to retirement
The FairLife Charity is fully independent and is being gifted to the nation by passing ownership to other leading charities. Current owners include The National Union of Students and AdviceUK. Money raised by licencing the FairLife Mark is used to teach financial education in the country's schools and colleges.
What is honestly priced and fairly traded?
Prices you can trust with no sneaky fees
- Not using the industry's strength to profit from your weaknesses
Fair trading is defined in dictionaries as the act of trading legally, fairly and honestly. It is most valuable when one group is much weaker than the other (such as you dealing with a bank). By trading fairly the stronger group chooses not to exploit the weaker one.
It means an end to sneaky fees and rip-off penalty charges. An end to profiting from people's misfortunes and vulnerabilities. Many good firms want to rid their industry of these practises, but to do it they need your help (see About/Why it's Needed).
Pricing honestly means going a step further than fair trading. It's a commitment to profit only from helping customers. Material profit is made only from features of the product or service that you expect to pay for when the purchase is made. These are the positive features that sales people tend to focus on. Any extra fees or charges, caused by situations you hoped would never occur, are designed to only cover additional costs and not to generate additional profits.
Look for the FairLife Mark
The World you live in reflects the choices you make
Three things the FairLife Mark does not say:
A product is best value.
A product is suitable for you.
Individuals are not responsible for their own financial decisions.
A bad choice may lead to a bad outcome regardless of the FairLife Mark. So still do some checking.
The FairLife Mark will lead to a fairer society where effort is rewarded but nobody is exploited. Together with financial education this will help everyone to live happier lives and plan for their futures with confidence.
A society where effort is rewarded but nobody is exploited