How BSI Kitemark for Financial Products can help Consumers

This new BSI Kitemark scheme has been developed to support  the recommendations of the Sergeant Review of Simple Financial Products that was published in 2013. This was in response to the request from HM Treasury to develop a set of principles for easy to understand financial products (that consumers could trust).

 

BSI Kitemark for financial products

 

We will certify a range of different financial products available to consumers. The first certified product will be a fixed term life insurance policy. Badged with the BSI Kitemark, this suite of easy to identify financial products will help consumers to make more straightforward purchasing decisions in a marketplace which can appear complicated.

What are the benefits for consumers?

This will make it easier to identify financial products that are straightforward with no hidden surprises. The Kitemark gives you peace of mind as the product has been independently audited by BSI.

The BSI Kitemark for Financial Product could help give you:

  • The ability to compare financial products more easily
  • Increased trust in your financial services provider
  • Confidence when buying a financial product
  • Trust in the products as they will be easier to maintain

Why the BSI Kitemark?

The BSI Kitemark is the most established and recognizable consumer mark of trust. Registered in 1903, it is a symbol of quality, safety, reliability and trust, and is recognized by 67% of UK banking consumers aged 35-55*.

How does a Financial Provider achieve the BSI Kitemark?

The Kitemark is a voluntary certification scheme. It is only available from BSI and our impartiality and independence help uphold its core values of quality, safety and trust. There is a rigorous process that financial providers need to undergo to achieve the BSI Kitemark. 

Financial products will be independently audited against the 9 principles of the Sergeant Report. In addition, providers will also undergo on-going audits and post-purchase surveys to ensure that the requirements continue to be met. If these fail to be met a Kitemark license could be taken away from the financial provider. 

This is why the BSI Kitemark has been considered one of the most robust marks of trust for over a century and it continues to be relevant to both consumers and businesses today. It can protect  consumers  and helps them to make more informed product choices, and it helps businesses reduce their risk and enhance their reputation. So when integrity matters most, trust the BSI Kitemark.