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).
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.
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.