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Fair Trading

The FairLife Mark represents a pledge to price honestly and trade fairly with customers.  It spans all areas of finance and unites responsible providers that put their customers first. 

Specific product criteria evidence that each product meets the FairLife pledge:

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Investment Funds


Business Loans


Cash Savings


Debt Advice


Student Current Accounts

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Personal Loans

What does pricing honestly and trading fairly mean?

Fairly traded:

The provider must follow the spirit of any regulator’s rules and principles with an emphasis on treating customers fairly.

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 a customer dealing with a bank).  By trading fairly, the stronger group is acting ethically and choosing not to exploit the weaker one.  It is about embracing good practice, within the constraints of the market, and avoiding poor practice which although legal is considered avoidable on a voluntary basis. Nothing in the fair-trading programme should put good firms at a competitive disadvantage.

Honestly priced:

The provider must adhere to agreed sources of profit as detailed in specific criteria.  Any extra fees or charges must be designed only to cover additional costs and not to generate additional profits.

A commitment to profit only from agreed sources represents a commitment to transparency.  In the past, profiting from hidden sources was commonplace.  It can make a product’s headline price seem cheaper than the competition, and attract customers, which is why many good businesses felt compelled to use the same practices.  The FairLife Mark makes profiting from hidden sources less attractive and gives good businesses a way to combat the rogues.

Over time the FairLife Mark will bring an end to sneaky fees and rip-off penalty charges.  An end to profiting from people's misfortunes and vulnerabilities.  

How we agree product criteria

FairLife’s criteria are known as ‘PANA’ criteria, for being Peer Agreed and Nationally Approved.

Peer Agreed means business practical.

The criteria are backed by a subset of the peer-group they will affect.

Nationally Approved means fair to the public.

The criteria are approved by the FairLife Charity Trustees in the national interest.

Fairness to the public and business practicality are the charity’s two guiding principles. Nothing in the fair-trading programme should put good firms at a competitive disadvantage as this is counterproductive.

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